10-Q

s

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 1-11978

The Manitowoc Company, Inc.

(Exact Name of Registrant as Specified in its Charter)

Wisconsin	39-0448110
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification Number)

11270 West Park Place Suite 1000
Milwaukee, Wisconsin	53224
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (414) 760-4600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 Par Value	MTW	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☒
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of June 30, 2023, the registrant had 35,045,446 shares of common stock, $.01 par value per share, outstanding.

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Operations

For the three and six months ended June 30, 2023 and 2022

(Unaudited)

($ in millions, except per share and share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net sales	$	602.8		$	497.2		$	1,111.1		$	956.2
Cost of sales		479.8			408.5			881.8			782.5
Gross profit		123.0			88.7			229.3			173.7
Operating costs and expenses:
Engineering, selling and administrative expenses		87.6			69.3			162.7			135.8
Amortization of intangible assets		0.7			0.8			1.7			1.6
Restructuring expense		0.3			0.3			0.3			0.4
Total operating costs and expenses		88.6			70.4			164.7			137.8
Operating income		34.4			18.3			64.6			35.9
Other expense:
Interest expense		(9.0	)		(7.9	)		(17.1	)		(15.3	)
Amortization of deferred financing fees		(0.4	)		(0.3	)		(0.7	)		(0.7	)
Other expense - net		(10.0	)		(2.1	)		(11.1	)		(2.3	)
Total other expense		(19.4	)		(10.3	)		(28.9	)		(18.3	)
Income before income taxes		15.0			8.0			35.7			17.6
Benefit for income taxes		(5.2	)		(7.1	)		(1.0	)		(0.6	)
Net income	$	20.2		$	15.1		$	36.7		$	18.2
Per Share Data and Share Amounts:
Basic net income per common share	$	0.58		$	0.43		$	1.05		$	0.52
Diluted net income per common share	$	0.57		$	0.42		$	1.03		$	0.51
Weighted average shares outstanding - basic		35,084,580			35,283,969			35,102,924			35,208,349
Weighted average shares outstanding - diluted		35,650,143			35,550,942			35,766,952			35,564,882

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

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THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

For the three and six months ended June 30, 2023 and 2022

(Unaudited)

($ in millions)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net income	$	20.2		$	15.1		$	36.7		$	18.2
Other comprehensive income (loss),    net of income tax
Unrealized loss on derivatives, net of    income tax provision of $0.0, $0.0, $0.0     and $0.0, respectively		(2.5	)		(2.1	)		(5.8	)		(2.3	)
Employee pension and postretirement benefit    income (expense), net of income tax provision    of $0.0, $0.0, $0.0 and $0.0, respectively		(0.9	)		0.2			(1.9	)		(0.4	)
Foreign currency translation adjustments, net of    income tax benefit of $0.7, $0.7, $0.9, and $0.7,    respectively		9.5			(20.5	)		13.7			(26.0	)
Total other comprehensive income (loss), net of income tax		6.1			(22.4	)		6.0			(28.7	)
Comprehensive income (loss)	$	26.3		$	(7.3	)	$	42.7		$	(10.5	)

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

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THE MANITOWOC COMPANY, INC.

Condensed Consolidated Balance Sheets

As of June 30, 2023 and December 31, 2022

(Unaudited)

($ in millions, except per share amounts)

	June 30, 2023			December 31, 2022
Assets
Current Assets:
Cash and cash equivalents	$	25.9		$	64.4
Accounts receivable, less allowances of $5.4 and $5.3, respectively		274.8			266.3
Inventories — net		727.4			611.9
Notes receivable — net		8.7			10.6
Other current assets		32.2			45.3
Total current assets		1,069.0			998.5
Property, plant and equipment — net		341.9			335.3
Operating lease right-of-use assets		41.5			45.2
Goodwill		79.0			80.1
Other intangible assets — net		126.2			126.7
Other non-current assets		43.5			29.7
Total assets	$	1,701.1		$	1,615.5
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable and accrued expenses	$	492.4		$	446.4
Customer advances		20.2			21.9
Short-term borrowings and current portion of long-term debt		6.7			6.1
Product warranties		45.4			48.8
Other liabilities		19.8			24.6
Total current liabilities		584.5			547.8
Non-Current Liabilities:
Long-term debt		380.7			379.5
Operating lease liabilities		31.8			34.3
Deferred income taxes		5.0			4.9
Pension obligations		55.1			51.7
Postretirement health and other benefit obligations		7.8			8.2
Long-term deferred revenue		13.8			15.6
Other non-current liabilities		43.0			35.7
Total non-current liabilities		537.2			529.9
Commitments and contingencies (Note 18)
Stockholders' Equity:
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding)		—			—
Common stock (75,000,000 shares authorized, 40,793,983 shares issued,     35,045,446 and 35,085,008 shares outstanding, respectively)		0.4			0.4
Additional paid-in capital		607.8			606.7
Accumulated other comprehensive loss		(101.9	)		(107.9	)
Retained earnings		141.0			104.3
Treasury stock, at cost (5,748,537 and 5,708,975 shares, respectively)		(67.9	)		(65.7	)
Total stockholders' equity		579.4			537.8
Total liabilities and stockholders' equity	$	1,701.1		$	1,615.5

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

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THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Cash Flows

For the six months ended June 30, 2023 and 2022

(Unaudited)

($ in millions)

	Six Months Ended June 30,
	2023			2022
Cash Flows from Operating Activities:
Net income	$	36.7		$	18.2
Adjustments to reconcile net income to cash provided by (used for) operating activities:
Depreciation		28.1			31.7
Amortization of intangible assets		1.7			1.6
Stock-based compensation expense		5.4			4.0
Amortization of deferred financing fees		0.7			0.7
Gain on sale of property, plant and equipment		(0.2	)		(1.1	)
Net unrealized foreign currency transaction (gains) losses		(3.7	)		5.8
Income tax benefit from change in reserve of    uncertain tax positions		—			(11.7	)
Deferred income taxes		(14.0	)		0.9
Loss on foreign currency translation adjustments		9.3			—
Other		—		0.9
Changes in operating assets and liabilities
Accounts receivable		(7.1	)		0.8
Inventories		(107.4	)		(109.2	)
Notes receivable		3.9			3.4
Other assets		11.6			(1.1	)
Accounts payable		19.5			61.1
Accrued expenses and other liabilities		12.4			(0.3	)
Net cash provided by (used for) operating activities		(3.1	)		5.7
Cash Flows from Investing Activities:
Capital expenditures		(36.3	)		(16.8	)
Proceeds from sale of property, plant and equipment		5.1			1.4
Acquisition of businesses		—			2.3
Net cash used for investing activities		(31.2	)		(13.1	)
Cash Flows from Financing Activities:
Proceeds from (payments on) revolving credit facility - net		12.0			(20.0	)
Payments on revolving credit facility		(10.0	)		—
Other debt - net		(1.2	)		(2.3	)
Debt issuance and other debt related costs		—			(1.8	)
Exercises of stock options		0.3			0.1
Common stock repurchases		(5.5	)		(1.9	)
Net cash used for financing activities		(4.4	)		(25.9	)
Effect of exchange rate changes on cash and cash equivalents		0.2			0.4
Net decrease in cash and cash equivalents		(38.5	)		(32.9	)
Cash and cash equivalents at beginning of period		64.4			75.4
Cash and cash equivalents at end of period	$	25.9		$	42.5
Supplemental Cash Flow Information
Interest paid	$	17.0		$	14.7
Income taxes paid		3.6			2.7

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

5

THE MANITOWOC COMPANY, INC.

Condensed Consolidated Statements of Equity

For the three and six months ended June 30, 2023 and 2022

(Unaudited)

($ in millions, except share amounts)

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Common Stock - Par Value
Balance at beginning of period	$	0.4		$	0.4		$	0.4		$	0.4
Balance at end of period	$	0.4		$	0.4		$	0.4		$	0.4
Additional Paid-in Capital
Balance at beginning of period	$	605.8		$	601.7		$	606.7		$	602.4
Stock options exercised and issuance of other stock awards		(0.3	)		(0.1	)		(4.3	)		(3.9	)
Stock-based compensation expense		2.3			0.9			5.4			4.0
Balance at end of period	$	607.8		$	602.5		$	607.8		$	602.5
Accumulated Other Comprehensive Loss
Balance at beginning of period	$	(108.0	)	$	(108.7	)	$	(107.9	)	$	(102.4	)
Other comprehensive income (loss)		6.1			(22.4	)		6.0			(28.7	)
Balance at end of period	$	(101.9	)	$	(131.1	)	$	(101.9	)	$	(131.1	)
Retained Earnings
Balance at beginning of period	$	120.8		$	231.0		$	104.3		$	227.9
Net income		20.2			15.1			36.7			18.2
Balance at end of period	$	141.0		$	246.1		$	141.0		$	246.1
Treasury Stock
Balance at beginning of period	$	(66.2	)	$	(62.9	)	$	(65.7	)	$	(65.9	)
Stock options exercised and issuance of other stock awards		0.3			0.1			3.3			3.1
Common stock repurchases		(2.0	)		(1.9	)		(5.5	)		(1.9	)
Balance at end of period	$	(67.9	)	$	(64.7	)	$	(67.9	)	$	(64.7	)
Total equity	$	579.4		$	653.2		$	579.4		$	653.2

The accompanying notes are an integral part to these Condensed Consolidated Financial Statements.

6

THE MANITOWOC COMPANY, INC.

Notes to Unaudited Condensed Consolidated Financial Statements

For the three and six months ended June 30, 2023 and 2022

1. Accounting Policies and Basis of Presentation

The Manitowoc Company, Inc. (the “Company” or “Manitowoc”) was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provide the Company with a consistent stream of recurring revenue.

The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and Middle East and Asia Pacific (“MEAP”) segment. The Americas segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 17, “Segments,” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations for the three and six months ended June 30, 2023 and 2022, the cash flows for the same six month periods and the financial position as of June 30, 2023 and December 31, 2022, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The audited balance sheet as of December 31, 2022 was derived from the audited annual financial statements. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2022. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

All amounts, except share and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

2. Recent Accounting Changes and Pronouncements

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-04, "Disclosure of Supplier Financing Program Obligations.” The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted this ASU as of January 1, 2023. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

3. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three and six months ended June 30, 2023 and 2022.

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	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Balance at beginning of period	$	24.0		$	25.5		$	21.9		$	28.7
Cash received in advance of satisfying    performance obligations		38.0			50.0			72.4			65.5
Revenue recognized		(41.9	)		(50.4	)		(74.3	)		(68.3	)
Currency translation		0.1			2.9			0.2			2.1
Balance at end of period	$	20.2		$	28.0		$	20.2		$	28.0

Disaggregation of the Company’s revenue sources are disclosed in Note 17, “Segments.”

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) that were accounted for at fair value as of June 30, 2023 and December 31, 2022.

	Fair Value as of June 30, 2023
	Level 1		Level 2		Level 3		Total		Recognized Location
Current Assets:
FX Forward Contracts	$	—	$	0.7	$	—	$	0.7	Other current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.6	$	—	$	0.6	Accounts payable and    accrued expenses

	Fair Value as of December 31, 2022
	Level 1		Level 2		Level 3		Total		Recognized Location
Current Assets:
FX Forward Contracts	$	—	$	5.7	$	—	$	5.7	Other current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.3	$	—	$	0.3	Accounts payable and    accrued expenses

The fair value of the $300.0 million senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was $299.3 million as of June 30, 2023. See Note 11, “Debt,” for a description of the 2026 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's revolving credit facility, approximate fair value, without being discounted as of June 30, 2023 and December 31, 2022, due to the short-term nature of these instruments.

FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments” for additional information.

5. Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss) ("AOCI"). These changes in fair value are reclassified into earnings as a component of cost of

8

sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the three and six months ended June 30, 2023 and 2022.

The Company had FX Forward Contracts with aggregate notional amounts of $109.1 million and $87.7 million in U.S. dollar equivalent as of June 30, 2023 and December 31, 2022, respectively. The aggregate notional amount outstanding as of June 30, 2023 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. Net unrealized gains (losses), net of income tax, recorded in AOCI were $0.4 million of losses and $5.4 million of gains as of June 30, 2023 and December 31, 2022, respectively.

The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

		Three Months Ended June 30,						Six Months Ended June 30,
	Recognized Location	2023			2022			2023			2022
Designated	Cost of sales	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)
Non-designated	Other expense - net	$	(2.9	)	$	1.3		$	(5.2	)	$	2.0

6. Inventories

The components of inventories as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023		December 31, 2022
Raw materials	$	173.6	$	161.2
Work-in-process		160.6		141.3
Finished goods		393.2		309.4
Total inventories - net	$	727.4	$	611.9

7. Notes Receivable

The Company has notes receivable balances that are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other non-current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2023, the Company had current and long-term notes receivable in the amount of $8.7 million and $1.0 million, respectively. As of December 31, 2022, the Company had current and long-term notes receivable in the amount of $10.6 million and $2.0 million, respectively. During the six months ended June 30, 2022, the Company recorded income of $4.8 million in engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations to recognize the partial recovery of the previously written-off long-term note receivable balance from the 2014 divestiture of the Company's Chinese joint venture.

8. Property, Plant, and Equipment

The components of property, plant, and equipment as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023			December 31, 2022
Land	$	14.8		$	17.9
Building and improvements		197.7			194.7
Machinery, equipment, and tooling		308.1			300.6
Furniture and fixtures		13.9			13.8
Computer hardware and software		133.2			129.4
Rental cranes		176.2			157.8
Construction in progress		8.3			8.4
Total cost		852.2			822.6
Less accumulated depreciation		(510.3	)		(487.3	)
Property, plant, and equipment — net	$	341.9		$	335.3

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Property, plant, and equipment is depreciated over the estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Assets Held for Sale

As of June 30, 2023, the Company had $2.9 million of property, plant, and equipment classified as assets held for sale in other current assets in the Condensed Consolidated Balance Sheets. This amount relates to a manufacturing building and land in Fanzeres, Portugal.

9. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill as of June 30, 2023 and December 31, 2022 are summarized as follows:

	Americas - Distribution		MEAP			Consolidated
Balance as of December 31, 2022	$	14.4	$	65.7		$	80.1
Foreign currency impact		—		(1.1	)		(1.1	)
Balance as of June 30, 2023	$	14.4	$	64.6		$	79.0

The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reporting unit are summarized as follows:

	June 30, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value		Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value
Americas - Manufacturing	$	166.5	$	(166.5	)	$	—	$	166.5	$	(166.5	)	$	—
Americas - Distribution		14.4		—			14.4		14.4		—			14.4
EURAF		82.2		(82.2	)		—		82.2		(82.2	)		—
MEAP		64.6		—			64.6		65.7		—			65.7
Total	$	327.7	$	(248.7	)	$	79.0	$	328.8	$	(248.7	)	$	80.1

The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three and six months ended June 30, 2023.

The gross carrying amount, accumulated amortization, and net book value of the Company’s other intangible assets other than goodwill as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value		Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value
Definite lived intangible assets:
Customer relationships	$	26.5	$	(10.9	)	$	15.6	$	26.5	$	(10.0	)	$	16.5
Patents		29.0		(28.5	)		0.5		28.7		(28.2	)		0.5
Noncompetition agreements		4.2		(1.6	)		2.6		4.2		(1.2	)		3.0
Trademarks and tradenames		2.2		(0.8	)		1.4		2.2		(0.6	)		1.6
Other intangibles		0.6		(0.6	)		—		0.6		(0.5	)		0.1
Total		62.5		(42.4	)		20.1		62.2		(40.5	)		21.7
Indefinite lived intangible assets:
Trademarks and tradenames		92.0		—			92.0		91.0		—			91.0
Distribution network		14.1		—			14.1		14.0		—			14.0
Total		106.1		—			106.1		105.0		—			105.0
Total other intangible assets	$	168.6	$	(42.4	)	$	126.2	$	167.2	$	(40.5	)	$	126.7

The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three and six months ended June 30, 2023.

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Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was no triggering event for the three and six months ended June 30, 2023.

Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended June 30, 2023 and 2022 was $0.7 million and $0.8 million, respectively. Amortization expense for the six months ended June 30, 2023 and 2022 was $1.7 million and $1.6 million, respectively.

10. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023		December 31, 2022
Trade accounts payable	$	297.8	$	274.6
Employee-related expenses		48.4		51.0
Accrued vacation		26.3		22.4
Miscellaneous accrued expenses		119.9		98.4
Total accounts payable and accrued expenses	$	492.4	$	446.4

11. Debt

Outstanding debt as of June 30, 2023 and December 31, 2022 is summarized as follows:

	June 30, 2023			December 31, 2022
Borrowings under senior secured asset based revolving    credit facility	$	82.0		$	80.0
Senior secured second lien notes due 2026		300.0			300.0
Other debt		7.4			8.0
Deferred financing costs		(2.0	)		(2.4	)
Total debt		387.4			385.6
Short-term borrowings and current portion of long-term    debt		(6.7	)		(6.1	)
Long-term debt	$	380.7		$	379.5

On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company's ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”).

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or SOFR plus the spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows:
 

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Average quarterly availability	Alternative base rate spread	SOFR spread
≥ 50% of Aggregate Commitment	0.25%	1.25%
< 50% of Aggregate Commitment	0.50%	1.50%

As of June 30, 2023 and December 31, 2022, the Company had borrowings on the ABL Revolving Credit Facility of $82.0 million and $80.0 million, respectively. As of June 30, 2023, the spreads for SOFR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of $189.8 million, which represents revolver borrowing capacity of $275.0 million less $82.0 million of borrowings outstanding and $3.2 million of U.S. letters of credit outstanding.

As of June 30, 2023, the Company had other indebtedness outstanding of $7.4 million that had a weighted-average interest rate of approximately 4.1%. This debt includes balances on local credit lines and other financing arrangements.

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2026 Notes with an annual coupon rate of 9.000%. Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility.

Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2018.

Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of June 30, 2023, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

12. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with no maximum availability and one U.S. accounts receivable financing program with maximum availability of $27.0 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with Accounting Standards Codification ("ASC") Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit.

For the three and six months ended June 30, 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $41.3 million and $82.7 million, respectively. For the three and six months ended June 30, 2022, cash proceeds from the factoring of accounts receivable qualifying as sales were $58.4 million and $104.0 million, respectively.

Financing charges associated with the factoring of receivables qualifying as sales are included in interest expense in the Condensed Consolidated Statements of Operations. Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three and six months ended June 30, 2023 and 2022 were immaterial.

13. Income Taxes

The Company’s income before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at

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different statutory rates. In addition, tax expense is impacted by losses in both the U.S. and foreign jurisdictions where no tax benefit can be realized.

For the three months ended June 30, 2023, and 2022, the Company recorded a benefit for income taxes of $5.2 million and $7.1 million, respectively. For the six months ended June 30, 2023, and 2022, the Company recorded a benefit for income taxes of $1.0 million and $0.6 million, respectively. During the three months ended June 30, 2023, a discrete net tax benefit of $13.5 million was recorded, of which $13.9 million is related to the release of a remaining valuation allowance against tax assets after estimated current year utilization. During the three months ended June 30, 2022, a discrete tax benefit of $11.0 million was recorded, primarily related to the release of a $12.1 million uncertain tax position, inclusive of $1.2 million of interest, related to U.S. Federal tax planning strategies implemented as a result of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The increase in the Company’s tax benefit for the three and six months ended June 30, 2023, relative to the prior year primarily relates to an increase in the discrete tax benefit recorded year over year.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $9.2 million and $9.1 million as of June 30, 2023, and December 31, 2022, respectively.

14. Net Income Per Common Share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic weighted average common     shares outstanding		35,084,580		35,283,969		35,102,924		35,208,349
Effect of dilutive securities - equity    compensation awards		565,563		266,973		664,028		356,533
Diluted weighted average common    shares outstanding		35,650,143		35,550,942		35,766,952		35,564,882

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 440,355 and 479,723 common shares were excluded from the diluted weighted average common shares outstanding for the three and six months ended June 30, 2023, respectively. Anti-dilutive equity instruments of 1,087,078 and 950,392 common shares were excluded from the diluted weighted average common shares outstanding for the three and six months ended June 30, 2022, respectively.

No cash dividends were declared or paid during the three and six months ended June 30, 2023 and 2022.

15. Equity

Authorized capital consists of 75.0 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

As of June 30, 2023, the Company has $2.1 million remaining under an authorization from the Board of Directors to purchase up to $30.0 million of the Company's common stock at management's discretion. During the three months ended June 30, 2023, the Company repurchased 129,138 shares of the Company's common stock for $2.0 million under this authorization. During the six months ended June 30, 2023, the Company repurchased 320,984 shares of the Company's common stock for $5.5 million under this authorization.

As of June 30, 2023, the Company’s operations in Russia have been substantially curtailed. As a result, for the three and six months ended June 30, 2023, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets to other expense – net in the

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Condensed Consolidated Statement of Operations. The results of the Company’s Russian operations continue to be included in its consolidated results in accordance with ASC 810, “Consolidation.”

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended June 30, 2023 and 2022 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of March 31, 2022	$	(0.2	)	$	(32.9	)	$	(75.6	)	$	(108.7	)
Other comprehensive loss before    reclassifications		(3.6	)		(0.1	)		(20.5	)		(24.2	)
Amounts reclassified from accumulated other    comprehensive loss		1.5			0.3			—			1.8
Net other comprehensive income (loss)		(2.1	)		0.2			(20.5	)		(22.4	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)
Balance as of March 31, 2023	$	2.1		$	(16.3	)	$	(93.8	)	$	(108.0	)
Other comprehensive income (loss) before    reclassifications		(0.7	)		(1.6	)		0.2			(2.1	)
Amounts reclassified from accumulated other    comprehensive loss		(1.8	)		0.7			9.3			8.2
Net other comprehensive income (loss)		(2.5	)		(0.9	)		9.5			6.1
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the six months ended June 30, 2023 and 2022 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2021	$	—		$	(32.3	)	$	(70.1	)	$	(102.4	)
Other comprehensive loss before    reclassifications		(3.9	)		(1.2	)		(26.0	)		(31.1	)
Amounts reclassified from accumulated    other comprehensive loss		1.6			0.8			—			2.4
Net other comprehensive loss		(2.3	)		(0.4	)		(26.0	)		(28.7	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)
Balance as of December 31, 2022	$	5.4		$	(15.3	)	$	(98.0	)	$	(107.9	)
Other comprehensive income (loss) before    reclassifications		(0.6	)		(3.3	)		4.4			0.5
Amounts reclassified from accumulated other    comprehensive loss		(5.2	)		1.4			9.3			5.5
Net other comprehensive income (loss)		(5.8	)		(1.9	)		13.7			6.0
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)

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A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022				Recognized Location
Gains (losses) on cash flow hedges
FX Forward Contracts	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)		Cost of sales
Total before income taxes		1.8			(1.5	)		5.2			(1.6	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)
Amortization of pension and    postretirement items
Actuarial losses	$	(0.7	)	$	(0.7	)	$	(1.4	)	$	(1.5	)	(a)	Other expense - net
Amortization of prior service cost		—			0.4			—			0.7		(a)	Other expense - net
Total before income taxes		(0.7	)		(0.3	)		(1.4	)		(0.8	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(0.7	)	$	(0.3	)	$	(1.4	)	$	(0.8	)
Foreign currency translation
Losses on foreign currency translation	$	(9.3	)	$	—		$	(9.3	)	$	—			Other expense - net
Total before income taxes		(9.3	)		—			(9.3	)		—
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(9.3	)	$	—		$	(9.3	)	$	—
Total reclassifications for the period,    net of income taxes	$	(8.2	)	$	(1.8	)	$	(5.5	)	$	(2.4	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 20, “Employee Benefit Plans,” for additional information).

16. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2023 is included in the Company’s 2022 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan is 7,477,395 shares. The total number of shares of the Company’s common stock available for issuance as of June 30, 2023 is 3,290,968 shares.

Stock-based compensation expense was $2.3 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation was $5.4 million and $4.0 million for the six months ended June 30, 2023 and 2022, respectively. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Omnibus Incentive Plan.

The Company granted 22,591 and 20,929 restricted stock units during the three months ended June 30, 2023 and 2022, respectively. The Company granted 500,283 and 399,552 restricted stock units, inclusive of 77,576 and 56,640 director awards, during the six months ended June 30, 2023 and 2022, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date and director awards vest immediately on the grant date.

No performance shares units were issued by the Company to employees during the three months ended June 30, 2023 and 2022, respectively. A total of 316,022 and 198,334 performance shares units were issued by the Company to employees during the six months ended June 30, 2023 and 2022, respectively. Performance share units vest after three years and are earned based

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on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year.

The performance goals for the performance share units granted in 2023 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2023 to 2025 and 40% on cumulative non-new machine sales from January 1, 2023 through December 31, 2025. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2023 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

The performance goals for the performance share units granted in 2022 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2022 to 2024 and 40% on non-new machine sales for the year ending December 31, 2024. The 2022 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

17. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Company aggregates certain of its operating segments into reportable segments.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expense, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company’s operating segments were identified as its reportable segments. The CODM does not evaluate performance of the reportable segments based on total assets.

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The following table shows information by reportable segment for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net Sales
Americas	$	319.4	$	226.2	$	583.8	$	442.1
EURAF		185.8		209.0		364.0		388.2
MEAP		97.6		62.0		163.3		125.9
Total	$	602.8	$	497.2	$	1,111.1	$	956.2
Segment Operating    Income
Americas	$	29.6	$	18.4	$	58.1	$	24.2
EURAF		6.4		0.6		10.0		12.0
MEAP		19.0		8.0		27.6		21.1
Total	$	55.0	$	27.0	$	95.7	$	57.3
Depreciation
Americas	$	7.4	$	9.3	$	14.6	$	19.0
EURAF		5.4		4.9		10.8		10.0
MEAP		0.6		0.7		1.2		1.3
Corporate		0.8		0.7		1.5		1.4
Total	$	14.2	$	15.6	$	28.1	$	31.7
Capital Expenditures
Americas	$	19.0	$	2.6	$	23.4	$	5.2
EURAF		7.2		4.8		11.9		10.4
MEAP		0.8		0.7		1.0		1.2
Corporate		—		—		—		—
Total	$	27.0	$	8.1	$	36.3	$	16.8

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Segment operating income	$	55.0		$	27.0		$	95.7		$	57.3
Unallocated corporate expenses		(20.6	)		(8.7	)		(31.0	)		(21.4	)
Unallocated restructuring    expense		—			—			(0.1	)		—
Total operating income	$	34.4		$	18.3		$	64.6		$	35.9

Net sales by geographic area for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	270.9	$	199.1	$	484.7	$	391.2
Europe		178.0		200.9		352.4		375.1
Other		153.9		97.2		274.0		189.9
Total net sales	$	602.8	$	497.2	$	1,111.1	$	956.2

New machine and non-new machines sales for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
New machine sales	$	452.4	$	358.1	$	808.9	$	687.7
Non-new machine sales		150.4		139.1		302.2		268.5
Total net sales	$	602.8	$	497.2	$	1,111.1	$	956.2

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18. Commitments and Contingencies

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter.

As of June 30, 2023, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years. As of June 30, 2023, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims arising in North America.

As of June 30, 2023, current and long-term product liability reserves were $7.7 million and $6.1 million, respectively. As of December 31, 2022, current and long-term product liability reserves were $9.4 million and zero, respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Condensed Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of June 30, 2023 and December 31, 2022, the Company had $0.8 million and zero, respectively, of estimated insurance recoveries included in other current assets in the Condensed Consolidated Balance Sheets.

Reserves for product-related lawsuits were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

As of June 30, 2023 and December 31, 2022, the Company had reserves of $53.7 million and $58.0 million, respectively, for warranty and other related claims included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. See Note 19, “Guarantees,” for further information.

It is reasonably possible that the estimates for warranty and other related claims, product liability, asbestos-related claims, and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes. The ultimate resolution of these matters, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions. The Company has provided, and continues to provide, information to the U.S. EPA and the U.S. Department of Justice (“U.S. DOJ”) on the approximately 1,420 engines included in the Company’s cranes relating to the TPEM program and other certification matters. The Company is engaged in confidential discussions with the U.S. EPA and U.S. DOJ with respect to these matters.

Based on management's current assessment of the facts underlying these matters, the Company recorded an additional charge of $10.8 million for the three and six months ended June 30, 2023. The total recorded estimated liability in the Company's Condensed Consolidated Balance Sheets is $25.7 million and $14.9 million as of June 30, 2023 and December 31, 2022, respectively. Other than the foregoing, the Company is unable to provide further meaningful quantification as to the final resolution of these matters. However, the Company calculated the statutory maximum penalties under the Clean Air Act to be approximately $174.0 million. The Company believes it has strong legal and factual defenses and will vigorously defend any allegations of noncompliance and the factors that could apply in the assessment of any civil penalty. Final resolution of these matters may have a material impact on the Company’s financial condition, results of operations or cash flows.

19. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with ASC Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic

18

842 included in other current and non-current liabilities as of June 30, 2023 and December 31, 2022 was $25.4 million and $27.3 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of June 30, 2023 and December 31, 2022 was $41.4 million and $42.5 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $11.8 million and $15.0 million as of June 30, 2023 and December 31, 2022, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. In addition, the Company may incur other warranty related costs outside of its standard warranty period. Costs for other warranty-related work are recorded in the period a loss is probable and can be reasonably estimated. Below is a table summarizing the warranty and other warranty related work for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Balance at beginning of period	$	56.4		$	59.4		$	58.0		$	60.2
Adjustments to accruals for warranties		4.4			5.9			11.0			11.8
Settlements made (in cash or in kind) during    the period		(7.1	)		(6.7	)		(15.6	)		(12.8	)
Currency translation		0.0			(1.4	)		0.3			(2.0	)
Balance at end of period	$	53.7		$	57.2		$	53.7		$	57.2

Included in the warranty balance as of June 30, 2023 and December 31, 2022 is $9.9 million and $9.2 million, respectively, of long-term warranty which is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets.

The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of June 30, 2023 and December 31, 2022 was $7.0 million and $6.6 million, respectively.

20. Employee Benefit Plans

The Company provides certain pension, health care, and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the plan is located and the related plan. Eligibility for pension coverage is based on retirement qualifications. Healthcare benefits may be subject to deductibles, co-payments and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations.

The components of periodic benefit cost for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30, 2023									Three Months Ended June 30, 2022
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.3		$	—		$	—		$	0.5		$	0.1
Interest cost of projected benefit obligations		1.4			0.6			0.1			0.8			0.3			0.1
Expected return on plan assets		(0.9	)		(0.4	)		—			(1.3	)		(0.3	)		—
Amortization of prior service cost		—			—			—			—			—			(0.4	)
Amortization of actuarial net (gain) loss		0.6			0.4			(0.3	)		0.5			0.4			(0.2	)
Net periodic benefit cost (income)	$	1.1		$	0.9		$	(0.2	)	$	—		$	0.9		$	(0.4	)

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	Six Months Ended June 30, 2023									Six Months Ended June 30, 2022
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.6		$	—		$	—		$	0.9		$	0.1
Interest cost of projected benefit obligations		2.8			1.3			0.2			1.6			0.7			0.1
Expected return on plan assets		(1.9	)		(0.8	)		—			(2.6	)		(0.6	)		—
Amortization of prior service cost		—			—			—			—			—			(0.7	)
Amortization of actuarial net (gain) loss		1.2			0.8			(0.6	)		1.0			0.8			(0.3	)
Net periodic benefit cost (income)	$	2.1		$	1.9		$	(0.4	)	$	—		$	1.8		$	(0.8	)

The components of net periodic benefit cost other than the service cost component are included in other expense - net in the Condensed Consolidated Statements of Operations.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, including the financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations therein, and the interim condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q.

All dollar amounts are in millions throughout the tables included in Management’s Discussion and Analysis of Financial Conditions and Results of Operations unless otherwise indicated.

Cautionary Statements Regarding Forward-Looking Information

All of the statements in this Quarterly Report on Form 10-Q, other than historical facts, are forward-looking statements, including, without limitation, the statements made in the “Management's Discussion and Analysis of Financial Condition and Results of Operations.” As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “may,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believe,” “estimate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to:

•Macroeconomic conditions, including inflation, rising interest rates, recessionary concerns and distress in global credit markets, as well as ongoing global supply chain constraints, labor availability and cost pressures such as changes in raw material and commodity costs, and logistics constraints, have had, and may continue to have, a negative impact on Manitowoc’s business, financial condition, cash flows, and results of operations (including future uncertain impacts);

•actions of competitors;

•changes in economic or industry conditions generally or in the markets served by Manitowoc;

•geopolitical events, including the ongoing conflict between Russia and Ukraine, other political and economic conditions and risks and other geographic factors, has had and may continue to lead to market disruptions, including volatility in commodity prices (including oil and gas), energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;

•changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment including changes in government approval and funding of projects;

•failure to comply with regulatory requirements related to the products the Company sells;

•the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;

•impairment of goodwill and/or intangible assets;

•changes in revenues, margins and costs;

•the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;

•the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;

•work stoppages, labor negotiations, labor rates and labor costs;

•the ability to convert backlog, orders and order activity into sales and the timing of those sales;

•the Company’s ability to attract and retain qualified personnel;

•changes in the capital and financial markets;

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•the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures or other significant transactions;

•issues associated with the availability and viability of suppliers;

•the ability to significantly improve profitability;

•realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies and options;

•the ability to focus on customers, new technologies and innovation;

•uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;

•the replacement cycle of technologically obsolete products;

•risks associated with high debt leverage;

•foreign currency fluctuation and its impact on reported results;

•the ability of Manitowoc's customers to receive financing;

•risks associated with data security and technological systems and protections;

•the ability to direct resources to those areas that will deliver the highest returns;

•risks associated with manufacturing or design defects;

•natural disasters, other weather events, epidemics, pandemics, and other public health crises disrupting commerce in one or more regions of the world;

•issues relating to the ability to timely and effectively execute on manufacturing strategies, general efficiencies and capacity utilization of the Company’s facilities;

•the ability to focus and capitalize on product quality and reliability;

•issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;

•issues related to workforce reductions and potential subsequent rehiring;

•changes in laws throughout the world, including governmental regulations on climate change;

•the inability to defend against potential infringement claims on intellectual property rights;

•the ability to sell products through distributors and other third parties;

•issues affecting the effective tax rate for the year;

•acts of terrorism; and

•other risk factors detailed in Manitowoc's 2022 Annual Report on Form 10-K, as such may be amended or supplemented in Manitowoc’s subsequently filed Quarterly Reports on 10-Q (including this report), and its other filings with the United States Securities and Exchange Commission.

These statements reflect the current views and assumptions of management with respect to future events. Except to the extent required by the federal securities laws, the Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, even though its situation and circumstances may change in the future. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. The inclusion of any statement in this report does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

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Current Events

Supply Chain, Labor and Logistics Challenges

The Company continues to actively monitor global supply chain, labor and logistics constraints which had a negative impact on the Company's ability to timely source parts and complete and ship units for the three and six months ended June 30, 2023. While the Company has experienced some relief of the supply chain and logistics constraints, supply chains for certain key components remain distressed. The Company continues to actively monitor and manage supply chain constraints through alternative sourcing of parts and adapting production to limit waste and inefficiencies in the facilities. Continuing or worsening supply chain, labor and logistics constraints may have a material adverse impact on the Company's financial condition, results of operations or cash flows.

Curtailment of Operations in Russia

As of June 30, 2023, the Company's operations in Russia have been substantially curtailed. As a result, for the three and six months ended June 30, 2023, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets to other expense – net in the Condensed Consolidated Statement of Operations. The Company does not anticipate material future charges related to the curtailment of operations in Russia.

Segment Operating Performance

The Company manages its business primarily on a geographic basis. The Company has three reportable segments: the Americas segment, EURAF segment and MEAP segment. Further information regarding the Company’s reportable segments can be found in Note 17, “Segments,” to the Condensed Consolidated Financial Statements included in this Quarterly Report on Form 10-Q.

	Three Months Ended June 30,										Six Months Ended June 30,
	2023		2022		Dollar Change			Percentage Change			2023		2022		Dollar Change			Percentage Change
Net Sales
Americas	$	319.4	$	226.2	$	93.2			41.2	%	$	583.8	$	442.1	$	141.7			32.1	%
EURAF		185.8		209.0		(23.2	)		(11.1	)%		364.0		388.2		(24.2	)		(6.2	)%
MEAP		97.6		62.0		35.6			57.4	%		163.3		125.9		37.4			29.7	%
Segment Operating Income (Loss)
Americas	$	29.6	$	18.4	$	11.2			60.9	%	$	58.1	$	24.2	$	33.9			140.1	%
EURAF		6.4		0.6		5.8		*				10.0		12.0		(2.0	)		(16.7	)%
MEAP		19.0		8.0		11.0			137.5	%		27.6		21.1		6.5			30.8	%
*Measure not meaningful

Americas

Americas segment net sales increased 41.2% for the three months ended June 30, 2023 to $319.4 million from $226.2 million for the same period in 2022. The increase was primarily attributable to higher new machine sales as a result of a higher shippable backlog entering the quarter, higher non-new machine sales and pricing actions.

Americas segment operating income increased $11.2 million for the three months ended June 30, 2023 to $29.6 million from $18.4 million for the same period in 2022. The increase was primarily due to the higher net sales and favorable product mix. This was partially offset by charges for certain product-related lawsuits, higher material costs and higher labor costs in engineering, selling and administrative expenses.

Americas segment net sales increased 32.1% for the six months ended June 30, 2023 to $583.8 million from $442.1 million for the same period in 2022. The increase was primarily attributable to higher new machine sales as a result of a higher shippable backlog entering the year, higher non-new machine sales and pricing actions.

Americas segment operating income increased $33.9 million for the six months ended June 30, 2023 to $58.1 million from $24.2 million for the same period in 2022. The increase was primarily due to the higher net sales and favorable product mix. This was partially offset by charges for certain product-related lawsuits, higher material costs and higher labor costs in engineering, selling and administrative expenses.

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EURAF

EURAF segment net sales decreased 11.1% for the three months ended June 30, 2023 to $185.8 million from $209.0 million for the same period in 2022. The decrease was primarily attributable to lower new and non-new machine sales, partially offset by pricing actions. Segment net sales was favorably impacted by $4.0 million from changes in foreign currency exchange rates.

EURAF segment operating income increased $5.8 million for the three months ended June 30, 2023 to $6.4 million from $0.6 million for the same period in 2022. The increase was primarily attributable to favorable product mix and pricing actions. Segment operating income was favorably impacted by $0.8 million from changes in foreign currency exchange rates.

EURAF segment net sales decreased 6.2% for the six months ended June 30, 2023 to $364.0 million from $388.2 million for the same period in 2022. The decrease was primarily attributable to lower new machine sales, partially offset by pricing actions. Segment net sales was unfavorably impacted by $4.0 million from changes in foreign currency exchange rates.

EURAF segment operating income decreased $2.0 million for the six months ended June 30, 2023 to $10.0 million from $12.0 million for the same period in 2022. The decrease was primarily attributable to lower net sales and higher labor costs in engineering, selling and administrative expenses. This was partially offset by favorable product mix and pricing actions. Segment operating income was favorably impacted by $0.1 million from changes in foreign currency exchange rates.

MEAP

MEAP segment net sales increased 57.4% for the three months ended June 30, 2023 to $97.6 million from $62.0 million for the same period in 2022. The increase was primarily attributable to higher new and non-new machine sales. Segment net sales was unfavorably impacted by $0.9 million from changes in foreign currency exchange rates.

MEAP segment operating income increased $11.0 million for the three months ended June 30, 2023 to $19.0 million from $8.0 million for the same period in 2022. The increase was primarily attributable to the higher net sales and favorable product mix, partially offset by higher labor costs in engineering, selling and administrative expenses. Segment operating income was unfavorably impacted by $0.1 million from changes in foreign currency exchange rates.

MEAP segment net sales increased 29.7% for the six months ended June 30, 2023 to $163.3 million from $125.9 million for the same period in 2022. The increase was primarily attributable to higher new and non-new machine sales. Segment net sales was unfavorably impacted by $4.2 million from changes in foreign currency exchange rates.

MEAP segment operating income increased $6.5 million for the six months ended June 30, 2023 to $27.6 million from $21.1 million for the same period in 2022. The increase was primarily attributable to the higher net sales and favorable product mix. This was partially offset by higher labor and administrative costs and $4.8 million of income recorded in the prior year related to the partial recovery of the previously written-off long-term note receivable from the 2014 divestiture of the Company’s Chinese joint venture. Segment operating income was unfavorably impacted by $0.5 million from changes in foreign currency exchange rates.

Results of Operations For The Three and Six Months Ended June 30, 2023 and 2022:

	Three Months Ended June 30,									Six Months Ended June 30,
	2023			2022			Percentage Change			2023			2022			Percentage Change
Orders	$	550.5		$	434.0			26.8	%	$	1,075.3		$	915.6			17.4	%
Backlog		1,024.6			947.8			8.1	%		1,024.6			947.8			8.1	%
Net sales		602.8			497.2			21.2	%		1,111.1			956.2			16.2	%
Gross profit		123.0			88.7			38.7	%		229.3			173.7			32.0	%
Gross profit %		20.4	%		17.8	%					20.6	%		18.2	%
Engineering, selling and    administrative expenses		87.6		69.3				26.4	%		162.7			135.8			19.8	%
Interest expense		9.0			7.9			13.9	%		17.1			15.3			11.8	%
Other expense - net		(10.0	)		(2.1	)	*				(11.1	)		(2.3	)	*
Benefit for income taxes		(5.2	)		(7.1	)		(26.8	)%		(1.0	)		(0.6	)		66.7	%
*Measure not meaningful

Orders and Backlog

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Backlog represents the dollar value of orders which are expected to be recognized in net sales in the future. Orders are included in backlog when an executed binding contract with a price that has a floor has been received but has not been recognized in net sales. Orders and backlog are not measures defined by GAAP and our methodology for determining orders and backlog may vary from the methodology used by other companies. Management uses orders and backlog for capacity and resource planning. We believe this information is useful to investors to provide an indication of our future revenues.

Orders for the three months ended June 30, 2023 increased 26.8% to $550.5 million from $434.0 million for the same period in 2022. The increase was primarily attributable to higher demand in all of the Company’s segments. Orders were favorably impacted by $4.0 million from changes in foreign currency exchange rates.

Orders for the six months ended June 30, 2023 increased 17.4% to $1,075.3 million from $915.6 million for the same period in 2022. The increase was primarily attributable to higher demand in all of the Company’s segments. Orders were unfavorably impacted by $4.5 million from changes in foreign currency exchange rates.

As of June 30, 2023, total backlog was $1,024.6 million, a 3.0% decrease from the December 31, 2022 backlog of $1,056.0 million, and a 8.1% increase from the June 30, 2022 backlog of $947.8 million. The decrease in backlog from December 31, 2022, was primarily attributable to higher shipments as a result of improving supply chain conditions. Backlog was favorably impacted from changes in foreign currency exchange rates by $5.3 million and $11.9 million from December 31, 2022 and June 30, 2022, respectively.

Net Sales

Consolidated net sales for the three months ended June 30, 2023 increased 21.2% to $602.8 million from $497.2 million in the same period in 2022. The increase was primarily attributable to higher new and non-new machine sales in the Americas and MEAP segments and global pricing actions. This was partially offset by lower sales in the EURAF segment. Net sales was favorably impacted by $3.1 million from changes in foreign currency exchange rates.

Consolidated net sales for the six months ended June 30, 2023 increased 16.2% to $1,111.1 million from $956.2 million for the same period in 2022. The increase was primarily attributable to higher new and non-new machine sales in the Americas and MEAP segments and global pricing actions. This was partially offset by lower sales in the EURAF segment. Net sales was unfavorably impacted by $8.1 million from changes in foreign currency exchange rates.

Gross Profit

Gross profit for the three months ended June 30, 2023 was $123.0 million, an increase of $34.3 million compared to $88.7 million for the same period in 2022. The increase was primarily attributable to the higher net sales and favorable product mix. Gross profit was favorably impacted by $0.5 million from changes in foreign currency exchange rates.

Gross profit percentage increased in the three months ended June 30, 2023 to 20.4% from 17.8% for the same period in 2022 primarily due to favorable product mix and pricing actions.

Gross profit for the six months ended June 30, 2023 was $229.3 million, an increase of $55.6 million compared to $173.7 million for the same period in 2022. The increase was primarily attributable to the higher net sales and favorable product mix. Gross profit was unfavorably impacted by $1.6 million from changes in foreign currency exchange rates.

Gross profit percentage increased during the six months ended June 30, 2023 to 20.6% from 18.2% for the same period in 2022 primarily due to favorable product mix and pricing actions.

Engineering, Selling, and Administrative Expenses

Engineering, selling, and administrative expenses increased 26.4% to $87.6 million for the three months ended June 30, 2023 compared to $69.3 million for the same period in 2022. The increase was primarily attributable to a $10.8 million charge related to a legal matter with the U.S. EPA and higher employee related costs. Engineering, selling, and administrative expenses were unfavorably impacted by $0.4 million from changes in foreign currency exchange rates.

Engineering, selling and administrative expenses increased 19.8% to $162.7 million for the six months ended June 30, 2023 compared to $135.8 million for the same period in 2022. The increase was primarily attributable to a $10.8 million charge related to a legal matter with the U.S. EPA, higher employee related costs and $4.8 million of benefit recorded in the prior year from the partial recovery of the previously written-off long-term note receivable from the 2014 divestiture of the Company's Chinese joint venture. Engineering, selling and administrative expenses were favorably impacted by $1.2 million from changes in foreign currency exchange rates.

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Interest Expense

Interest expense for the three months ended June 30, 2023 was $9.0 million compared to $7.9 million for the same period in 2022. Interest expense increased year-over-year primarily due to higher interest rates on borrowings from the Company's ABL revolving credit facility. See further detail at Note 11, “Debt” to the Condensed Consolidated Financial Statements.

Interest expense for the six months ended June 30, 2023 was $17.1 million compared to $15.3 million for the same period in 2022. Interest expense increased year-over-year primarily due to higher interest rates on borrowings from the Company's ABL revolving credit facility. See further detail at Note 11, “Debt” to the Condensed Consolidated Financial Statements.

Other Expense - Net

Other expense - net was $10.0 million during the three months ended June 30, 2023 and $2.1 million for the same period in 2022. Other expense – net during the three months ended June 30, 2023 was primarily composed of a $9.3 million non-cash write-off of foreign currency translation adjustments related to the curtailment of operations in Russia and $1.5 million of pension benefit and postretirement health costs. This was partially offset by $1.4 million of net foreign currency gains and a $0.2 million gain on disposal of property, plant and equipment. Other income – net during the three months ended June 30, 2022 was primarily composed of $2.6 million of net foreign currency losses and a $0.5 million charge related to non-capitalizable one-time legal and debt related costs, partially offset by a $1.1 million gain on disposal of property, plant and equipment.

Other expense - net was $11.1 million during the six months ended June 30, 2023 and $2.3 million for the same period in 2022. Other expense – net during the six months ended June 30, 2023 was primarily composed of a $9.3 million non-cash write-off of foreign currency translation adjustments related to the curtailment of operations in Russia and $3.1 million of pension benefit and postretirement health costs. This was partially offset by $1.8 million of net foreign currency gains and a $0.2 million gain on disposal of property, plant and equipment. Other expense – net during the six months ended June 30, 2022 was primarily composed of $3.2 million of net foreign currency losses and a $0.5 million charge related to non-capitalizable one-time legal and debt related costs, partially offset by a $1.1 million gain on disposal of property, plant and equipment.

Benefit for Income Taxes

For the three months ended June 30, 2023 and 2022, the Company recorded a benefit for income taxes of $5.2 million and $7.1 million, respectively. During the three months ended June 30, 2023, a discrete net tax benefit of $13.5 million was recorded, of which $13.9 million is related to the release of a remaining valuation allowance against tax assets after estimated current year utilization. During the three months ended June 30, 2022, a discrete tax benefit of $11.0 million was recorded, primarily related to the release of a $12.1 million uncertain tax position, inclusive of $1.2 million of interest, related to U.S. Federal tax planning strategies implemented as a result of the CARES Act. The increase in the Company’s tax benefit for the three ended June 30, 2023, relative to the prior year primarily relates to an increase in the discrete tax benefit recorded year over year.

For the six months ended June 30, 2023 and 2022, the Company recorded a benefit for income taxes of $1.0 million and $0.6 million, respectively. The increase in the Company’s tax benefit for the six months ended June 30, 2023, relative to the prior year primarily relates to an increase in the discrete tax benefit recorded year over year.

Financial Condition

Cash Flows

A summary of cash flows for the six months ended June 30, 2023 and 2022 are as follows:

	Six Months Ended June 30,
	2023			2022			Dollar Change
Net cash provided by (used for) operating activities	$	(3.1	)	$	5.7		$	(8.8	)
Net cash used for investing activities		(31.2	)		(13.1	)		(18.1	)
Net cash used for financing activities		(4.4	)		(25.9	)		21.5
Cash and cash equivalents		25.9			42.5			(16.6	)

Cash Flows From Operating Activities

Cash flows used for operating activities of $3.1 million for the six months ended June 30, 2023 decreased $8.8 million from cash provided by operating activities of $5.7 million for the same period in 2022. The decrease in net cash provided by operating activities was due to higher working capital driven by an increase in inventory due to cost inflation, logistics

26

constraints and increased stocking of inventory due to higher demand. This was partially offset by higher net income adjusted for non-cash items.

Cash Flows From Investing Activities

Net cash used for investing activities of $31.2 million for the six months ended June 30, 2023 increased $18.1 million from $13.1 million for the same period in 2022. The increase in net cash used for investing activities was primarily due to $19.5 million of higher capital expenditures and $2.3 million of cash receipts in the prior year related to the finalization of the purchase price for the acquisition of the crane business of H&E. This was partially offset by $3.7 million of higher proceeds from the sale of property, plant and equipment as compared to the prior year.

Cash Flows From Financing Activities

Net cash used for financing activities of $4.4 million for the six months ended June 30, 2023 decreased $21.5 million from $25.9 million for the same period in 2022. The decrease in net cash used for financing activities was primarily due to $2.0 million of net proceeds under the Company’s ABL Revolving Credit Facility as compared to $20.0 million of net payments in the prior year. This was partially offset by $3.6 million of higher common stock repurchases as compared to the prior year.

Liquidity and Capital Resources

The Company’s liquidity position as of June 30, 2023, December 31, 2022 and June 30, 2022 is summarized as follows:

	June 30, 2023			December 31, 2022			June 30, 2022
Cash and cash equivalents	$	25.9		$	64.4		$	42.5
Revolver borrowing capacity		275.0			275.0			275.0
Other debt availability		43.4			43.8			43.3
Less: Borrowings on revolver		(82.0	)		(80.0	)		(80.0	)
Less: Borrowings on other debt		(4.2	)		(4.3	)		(10.1	)
Less: Outstanding letters of credit		(3.2	)		(3.0	)		(3.0	)
Total liquidity	$	254.9		$	295.9		$	267.7

The Company believes its liquidity and expected cash flows from operations are sufficient to meet expected working capital, capital expenditure, and other general ongoing operational needs in the subsequent twelve months.

Cash Sources

The Company has historically relied primarily on cash flows from operations, borrowings under revolving credit facilities, issuances of notes, and other forms of debt financing as its sources of cash.

The maximum availability under the Company’s current ABL Revolving Credit Facility is $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable, and fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility has a term of 5 years and includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

In addition to the ABL Revolving Credit Facility, the Company has access to non-committed overdraft facilities in Europe and a committed facility in China to fund working capital. There are six facilities, of which five facilities are denominated in Euros totaling €36.0 million and one facility denominated in Chinese Yuan totaling ¥30.0 million. Total U.S. dollar availability as of June 30, 2023 for the six overdraft facilities is $43.4 million, with $4.2 million outstanding.

27

Debt

Outstanding debt as of June 30, 2023 and December 31, 2022 is summarized as follows:

	June 30, 2023			December 31, 2022
Borrowings under senior secured asset based revolving credit facility	$	82.0		$	80.0
Senior secured second lien notes due 2026		300.0			300.0
Other debt		7.4			8.0
Deferred financing costs		(2.0	)		(2.4	)
Total debt		387.4			385.6
Short-term borrowings and current portion    of long-term debt		(6.7	)		(6.1	)
Long-term debt	$	380.7		$	379.5

Both the ABL Revolving Credit Facility and 2026 Notes include customary covenants and events of default. Refer to Note 11, “Debt,” to the Condensed Consolidated Financial Statements for additional discussions of covenants for the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months. From time to time, the Company seeks to opportunistically raise capital in the debt capital markets and bank credit markets.

Non-GAAP Measures

The Company uses EBITDA, adjusted EBITDA, and free cash flows, which are financial measures that are not prepared in accordance with GAAP, as additional metrics to evaluate the Company’s performance. The Company believes these non-GAAP measures provide important supplemental information to readers regarding business trends that can be used in evaluating its results of operations because these financial measures provide a consistent method of comparing financial performance and are commonly used by investors to assess performance. These non-GAAP financial measures should be considered together with, and are not substitutes for, the GAAP financial information provided herein.

EBITDA and Adjusted EBITDA

The Company defines EBITDA as net income (loss) before interest, taxes, depreciation, and amortization. The Company defines adjusted EBITDA as EBITDA plus the addback or subtraction of restructuring, other expense - net, and certain other non-recurring items. The reconciliation of net income (loss) to EBITDA, and further to adjusted EBITDA for the three and six months ended June 30, 2023 and 2022 and trailing twelve months is summarized as follows.

	Three Months Ended June 30,						Six Months Ended June 30,						Trailing Twelve
	2023			2022			2023			2022			Months
Net income (loss)	$	20.2		$	15.1		$	36.7		$	18.2		$	(105.1	)
Interest expense and amortization of deferred    financing fees		9.4			8.2			17.8			16.0			34.8
Provision (benefit) for income taxes		(5.2	)		(7.1	)		(1.0	)		(0.6	)		3.0
Depreciation expense		14.2			15.6			28.1			31.7			57.0
Amortization of intangible assets		0.7			0.8			1.7			1.6			3.2
EBITDA		39.3			32.6			83.3			66.9			(7.1	)
Restructuring expense		0.3			0.3			0.3			0.4			1.4
Asset impairment expense (1)		—			—			—			—			171.9
Other non-recurring items - net (2)		10.8			1.4			10.8			(2.0	)		11.8
Other expense - net (3)		10.0			2.1			11.1			2.3			3.0
Adjusted EBITDA	$	60.4		$	36.4		$	105.5		$	67.6		$	181.0
Adjusted EBITDA margin percentage		10.0	%		7.3	%		9.5	%		7.1	%		8.3	%

(1)The adjustment for the trailing twelve months represents non-cash goodwill and indefinite-lived intangible asset impairment charges.

(2)Other non-recurring items - net for the three months and six months ended June 30, 2023 relate to $10.8 million of costs associated with a legal matter with the U.S. EPA. Other non-recurring items - net for the three months ended June 30, 2022 relate to $1.1 million of fair value step up on rental fleet assets sold during the period that was expensed within cost of sales, $0.1 million of other one-time costs associated with the acquired businesses, and other one-time

28

charges of $0.2 million. Other non-recurring items - net for the six months ended June 30, 2022 relate to $4.8 million of income from the partial recovery of the previously written off long-term note receivable from the 2014 divestiture of the Company's Chinese joint venture, partially offset by $2.0 million of fair value step up on rental fleet assets sold during the period that was expensed within cost of sales, $0.6 million of other one-time costs associated with the acquired business, and other one-time charges of $0.2 million. Other non-recurring items - net for the trailing twelve months relate to $10.8 million of costs associated with a legal matter with the U.S. EPA and $1.0 million of fair value step up on rental fleet assets sold during the period that was expensed within cost of sales.

(3)Other expense - net includes net foreign currency gains (losses), other components of net periodic pension costs, costs associated with legal matters, and other items in the three, six, and trailing twelve months ended June 30, 2023 and the three and six months ended June 30, 2022. Other expense – net for the three, six, and trailing twelve months ended June 30, 2023 includes a $9.3 million write-off of non-cash foreign currency translation adjustments from the curtailment of operations in Russia.

Free Cash Flows

Free cash flows is defined as net cash provided by (used for) operating activities less cash outflow from investment in capital expenditures. The reconciliation of net cash provided by (used for) operating activities to free cash flows for the three and six months ended June 30, 2023 and 2022 is summarized as follows.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Net cash provided by (used for) operating activities	$	(17.2	)	$	0.1		$	(3.1	)	$	5.7
Capital expenditures		(27.0	)		(8.1	)		(36.3	)		(16.8	)
Free cash flows	$	(44.2	)	$	(8.0	)	$	(39.4	)	$	(11.1	)

Critical Accounting Policies

The Company's critical accounting policies have not materially changed since the 2022 Annual Report on Form 10-K was filed. Refer to the Critical Accounting Policies in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Annual Report on Form 10-K for the year ended December 31, 2022 for information about the Company’s policies, methodology and assumptions related to critical accounting policies.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

The Company’s market risk disclosures have not materially changed since the 2022 Annual Report on Form 10-K was filed. The Company’s quantitative and qualitative disclosures about market risk are incorporated by reference from Part II, Item 7A of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Item 4. Controls and Procedures

Disclosure Controls and Procedures: The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures are effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act, and that such information is accumulated and communicated to the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely discussions regarding required disclosure.

Changes in Internal Control Over Financial Reporting: The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). During the period covered by this report, the Company made no changes that have materially affected, or that are reasonably likely to materially affect, its internal control over financial reporting.

29

PART II. OTHER INFORMATION

Item 1A. Risk Factors

There have been no material changes to the risk factors previously disclosed in Part I, Item 1A, “Risk Factors,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission on February 24, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

(c) Issuer Purchases of Equity Securities

As of June 30, 2023, the Company has $2.1 million remaining under an authorization from the Board of Directors to purchase up to $30.0 million of the Company’s common stock at management’s discretion. The Company's share repurchases program purchases shares in the open market to offset stock-based awards issued in conjunction with the Company's 2013 Omnibus Incentive Plan.

The Company's purchases of equity securities in the second quarter 2023 are summarized as follows:

Periods	Total Number of Shares Purchased		Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value (in millions) of Shares That May Yet Be Purchased Under the Program
April 2023		—	$	—		—	$	4.1
May 2023		129,138	$	15.46		129,138	$	2.1
June 2023		—	$	—		—	$	2.1
Total		129,138				129,138

Shares withheld to satisfy statutory tax withholding requirements related to the vesting of stock-based awards are not issued or considered share repurchases under the Company's share repurchase program and, therefore, are excluded from the table above.

Item 5. Other Information

(c) During the three months ended June 30, 2023, no director or Section 16 officer of the Company adopted a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement", as each term is defined in Item 408 of Regulation S-K.

Item 6. Exhibits

30

Exhibit No.	Description	Filed/Furnished Herewith
31	Rule 13a - 14(a)/15d - 14(a) Certifications	X	(1)
32.1	Certification of CEO pursuant to 18 U.S.C. Section 1350	X	(2)
32.2	Certification of CFO pursuant to 18 U.S.C. Section 1350	X	(2)
101.INS 101.SCH 101.CAL 101.DEF 101.LAB 101.PRE	Inline XBRL Instance Document – The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. Inline XBRL Taxonomy Extension Schema Document Inline XBRL Taxonomy Extension Calculation Linkbase Document Inline XBRL Taxonomy Extension Definition Linkbase Document Inline XBRL Taxonomy Extension Labels Linkbase Document Inline XBRL Taxonomy Extension Presentation Linkbase Document	X X X X X X	(1) (1) (1) (1) (1) (1)
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)	X	(1)

(1) Filed Herewith

(2) Furnished Herewith

31

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: August 8, 2023	The Manitowoc Company, Inc.
	(Registrant)
	/s/ Aaron H. Ravenscroft
	Aaron H. Ravenscroft
	President and Chief Executive Officer
	(Principal Executive Officer and Director)
	/s/ Brian P. Regan
	Brian P. Regan
	Executive Vice President and Chief Financial Officer (Principal Financial Officer)
	/s/ Ryan M. Palmer
	Ryan M. Palmer
	Vice President, Corporate Controller and Principal Accounting Officer
	(Principal Accounting Officer)

32

EX-31

Exhibit 31

Certification of Principal Executive Officer

I, Aaron H. Ravenscroft, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2023

/s/ Aaron H. Ravenscroft

Aaron H. Ravenscroft

President and Chief Executive Officer

Certification of Principal Financial Officer

I, Brian P. Regan, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of The Manitowoc Company, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 8, 2023

/s/ Brian P. Regan

Brian P. Regan

Executive Vice President and Chief Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Aaron H. Ravenscroft, President and Chief Executive Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ Aaron H. Ravenscroft

Aaron H. Ravenscroft

President and Chief Executive Officer

August 8, 2023

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of The Manitowoc Company, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Brian P. Regan, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18. U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company as of the date and for the periods expressed in the Report.

/s/ Brian P. Regan

Brian P. Regan

Executive Vice President and Chief Financial Officer

August 8, 2023

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to The Manitowoc Company, Inc. and will be retained by The Manitowoc Company, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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Document and Entity Information	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Entity Registrant Name	The Manitowoc Company, Inc.
Entity Central Index Key	0000061986
Trading Symbol	MTW
Document Type	10-Q
Document Period End Date	Jun. 30, 2023
Document Fiscal Year Focus	2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Shares Outstanding	35,045,446
Document Fiscal Period Focus	Q2
Entity File Number	1-11978
Entity Tax Identification Number	39-0448110
Entity Address, Address Line One	11270 West Park Place
Entity Address, Address Line Two	Suite 1000
Entity Address, City or Town	Milwaukee
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53224
City Area Code	414
Local Phone Number	760-4600
Entity Incorporation, State or Country Code	WI
Title of 12(b) Security	Common Stock, $.01 Par Value
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Document Quarterly Report	true
Document Transition Report	false

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Net sales	$ 602.8	$ 497.2	$ 1,111.1	$ 956.2
Cost of sales	479.8	408.5	881.8	782.5
Gross profit	123.0	88.7	229.3	173.7
Operating costs and expenses:
Engineering, selling and administrative expenses	87.6	69.3	162.7	135.8
Amortization of intangible assets	0.7	0.8	1.7	1.6
Restructuring expense	0.3	0.3	0.3	0.4
Total operating costs and expenses	88.6	70.4	164.7	137.8
Operating income	34.4	18.3	64.6	35.9
Other expense:
Interest expense	(9.0)	(7.9)	(17.1)	(15.3)
Amortization of deferred financing fees	(0.4)	(0.3)	(0.7)	(0.7)
Other expense - net	(10.0)	(2.1)	(11.1)	(2.3)
Total other expense	(19.4)	(10.3)	(28.9)	(18.3)
Income before income taxes	15.0	8.0	35.7	17.6
Benefit for income taxes	(5.2)	(7.1)	(1.0)	(0.6)
Net income	$ 20.2	$ 15.1	$ 36.7	$ 18.2
Per Share Data
Basic net income per common share	$ 0.58	$ 0.43	$ 1.05	$ 0.52
Diluted net income per common share	$ 0.57	$ 0.42	$ 1.03	$ 0.51
Weighted average shares outstanding - basic	35,084,580	35,283,969	35,102,924	35,208,349
Weighted average shares outstanding - diluted	35,650,143	35,550,942	35,766,952	35,564,882

XML

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 20.2	$ 15.1	$ 36.7	$ 18.2
Other comprehensive income (loss), net of income tax
Unrealized loss on derivatives, net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively	(2.5)	(2.1)	(5.8)	(2.3)
Employee pension and postretirement benefit income (expense), net of income tax provision of $0.0, $0.0, $0.0 and $0.0, respectively	(0.9)	0.2	(1.9)	(0.4)
Foreign currency translation adjustments, net of income tax benefit of $0.7, $0.7, $0.9, and $0.7, respectively	9.5	(20.5)	13.7	(26.0)
Total other comprehensive income (loss), net of income tax	6.1	(22.4)	6.0	(28.7)
Comprehensive income (loss)	$ 26.3	$ (7.3)	$ 42.7	$ (10.5)

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Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Unrealized loss on derivatives, net of income tax provision	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Employee pension and postretirement benefit income (expense), net of income tax provision	0.0	0.0	0.0	0.0
Foreign currency translation adjustments, net of income tax benefit	$ 0.7	$ 0.7	$ 0.9	$ 0.7

XML

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 25.9	$ 64.4
Accounts receivable, less allowances of $5.4 and $5.3, respectively	274.8	266.3
Inventories — net	727.4	611.9
Notes receivable — net	8.7	10.6
Other current assets	32.2	45.3
Total current assets	1,069.0	998.5
Property, plant and equipment — net	341.9	335.3
Operating lease right-of-use assets	41.5	45.2
Goodwill	79.0	80.1
Other intangible assets — net	126.2	126.7
Other non-current assets	43.5	29.7
Total assets	1,701.1	1,615.5
Current Liabilities:
Accounts payable and accrued expenses	492.4	446.4
Customer advances	20.2	21.9
Short-term borrowings and current portion of long-term debt	6.7	6.1
Product warranties	45.4	48.8
Other liabilities	19.8	24.6
Total current liabilities	584.5	547.8
Non-Current Liabilities:
Long-term debt	380.7	379.5
Operating lease liabilities	31.8	34.3
Deferred income taxes	5.0	4.9
Pension obligations	55.1	51.7
Postretirement health and other benefit obligations	7.8	8.2
Long-term deferred revenue	13.8	15.6
Other non-current liabilities	43.0	35.7
Total non-current liabilities	537.2	529.9
Commitments and contingencies (Note 18)
Stockholders' Equity:
Preferred stock (3,500,000 shares authorized of $.01 par value; none outstanding)	0.0	0.0
Common stock (75,000,000 shares authorized, 40,793,983 shares issued, 35,045,446 and 35,085,008 shares outstanding, respectively)	0.4	0.4
Additional paid-in capital	607.8	606.7
Accumulated other comprehensive loss	(101.9)	(107.9)
Retained earnings	141.0	104.3
Treasury stock, at cost (5,748,537 and 5,708,975 shares, respectively)	(67.9)	(65.7)
Total stockholders' equity	579.4	537.8
Total liabilities and stockholders' equity	$ 1,701.1	$ 1,615.5

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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts Receivable, allowances (in dollars)	$ 5.4	$ 5.3
Preferred stock authorized (in shares)	3,500,000	3,500,000
Par value of preferred stock per share (in dollars per share)	$ 0.01	$ 0.01
Preferred stock outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	40,793,983	40,793,983
Common stock, shares outstanding (in shares)	35,045,446	35,085,008
Treasury stock, at cost	5,748,537	5,708,975

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flows from Operating Activities:
Net income	$ 36.7	$ 18.2
Adjustments to reconcile net income to cash provided by (used for) operating activities:
Depreciation	28.1	31.7
Amortization of intangible assets	1.7	1.6
Stock-based compensation expense	5.4	4.0
Amortization of deferred financing fees	0.7	0.7
Gain on sale of property, plant and equipment	(0.2)	(1.1)
Net unrealized foreign currency transaction (gains) losses	(3.7)	5.8
Income tax benefit from change in reserve of uncertain tax positions	0.0	(11.7)
Deferred income taxes	(14.0)	0.9
Loss on foreign currency translation adjustments	9.3	0.0
Other	0.0	0.9
Changes in operating assets and liabilities
Accounts receivable	(7.1)	0.8
Inventories	(107.4)	(109.2)
Notes receivable	3.9	3.4
Other assets	11.6	(1.1)
Accounts payable	19.5	61.1
Accrued expenses and other liabilities	12.4	(0.3)
Net cash provided by (used for) operating activities	(3.1)	5.7
Cash Flows from Investing Activities:
Capital expenditures	(36.3)	(16.8)
Proceeds from sale of property, plant and equipment	5.1	1.4
Acquisition of businesses	0.0	2.3
Net cash used for investing activities	(31.2)	(13.1)
Cash Flows from Financing Activities:
Proceeds from (payments on) revolving credit facility - net	12.0	(20.0)
Payments on revolving credit facility	(10.0)	0.0
Other debt - net	(1.2)	(2.3)
Debt issuance and other debt related costs	0.0	(1.8)
Exercises of stock options	0.3	0.1
Common stock repurchases	(5.5)	(1.9)
Net cash used for financing activities	(4.4)	(25.9)
Effect of exchange rate changes on cash and cash equivalents	0.2	0.4
Net decrease in cash and cash equivalents	(38.5)	(32.9)
Cash and cash equivalents at beginning of period	64.4	75.4
Cash and cash equivalents at end of period	25.9	42.5
Supplemental Cash Flow Information [Abstract]
Interest paid	17.0	14.7
Income taxes paid	$ 3.6	$ 2.7

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Condensed Consolidated Statements of Equity - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock
Balance at beginning of period at Dec. 31, 2021		$ 0.4	$ 602.4	$ (102.4)	$ 227.9	$ (65.9)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(3.9)			3.1
Stock-based compensation expense			4.0
Other comprehensive income (loss)				(28.7)
Net income	$ 18.2				18.2
Common stock repurchases						(1.9)
Balance at end of period at Jun. 30, 2022	653.2	0.4	602.5	(131.1)	246.1	(64.7)
Balance at beginning of period at Mar. 31, 2022		0.4	601.7	(108.7)	231.0	(62.9)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(0.1)			0.1
Stock-based compensation expense			0.9
Other comprehensive income (loss)				(22.4)
Net income	15.1				15.1
Common stock repurchases						(1.9)
Balance at end of period at Jun. 30, 2022	653.2	0.4	602.5	(131.1)	246.1	(64.7)
Balance at beginning of period at Dec. 31, 2022		0.4	606.7	(107.9)	104.3	(65.7)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(4.3)			3.3
Stock-based compensation expense			5.4
Other comprehensive income (loss)				6.0
Net income	36.7				36.7
Common stock repurchases						(5.5)
Balance at end of period at Jun. 30, 2023	579.4	0.4	607.8	(101.9)	141.0	(67.9)
Balance at beginning of period at Mar. 31, 2023		0.4	605.8	(108.0)	120.8	(66.2)
Increase (Decrease) in Stockholders' Equity
Stock options exercised and issuance of other stock awards			(0.3)			0.3
Stock-based compensation expense			2.3
Other comprehensive income (loss)				6.1
Net income	20.2				20.2
Common stock repurchases						(2.0)
Balance at end of period at Jun. 30, 2023	$ 579.4	$ 0.4	$ 607.8	$ (101.9)	$ 141.0	$ (67.9)

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Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 20.2	$ 15.1	$ 36.7	$ 18.2

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Insider Trading Arrangements	6 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false

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Accounting Policies and Basis of Presentation

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounting Policies and Basis of Presentation

1. Accounting Policies and Basis of Presentation

The Manitowoc Company, Inc. (the “Company” or “Manitowoc”) was founded in 1902 and has over a 120-year tradition of providing high-quality, customer-focused products and support services to its markets. Headquartered in Milwaukee, Wisconsin, United States, Manitowoc is one of the world's leading providers of engineered lifting solutions. Manitowoc, through its wholly-owned subsidiaries, designs, manufactures, markets, distributes, and supports comprehensive product lines of mobile hydraulic cranes, lattice-boom crawler cranes, boom trucks, and tower cranes under the Aspen Equipment, Grove, Manitowoc, MGX Equipment Services, National Crane, Potain, and Shuttlelift brand names. The Company serves a wide variety of customers, including dealers, rental companies, contractors, and government entities, across the petrochemical, industrial, commercial construction, power and utilities, infrastructure and residential construction end markets. Due to the ongoing and predictable maintenance needed by cranes, as well as the high cost of crane downtime, Manitowoc’s aftermarket support operations provide the Company with a consistent stream of recurring revenue.

The Company has three reportable segments, the Americas segment, the Europe and Africa ("EURAF") segment and Middle East and Asia Pacific (“MEAP”) segment. The Americas segment includes the North America and South America continents. The EURAF reporting segment includes the Europe and Africa continents, excluding the Middle East region. The MEAP reporting segment includes the Asia and Australia continents and the Middle East region. The segments were identified using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance. Refer to Note 17, “Segments,” for additional information.

In the opinion of management, the accompanying unaudited Condensed Consolidated Financial Statements contain all adjustments necessary for a fair statement of the results of operations for the three and six months ended June 30, 2023 and 2022, the cash flows for the same six month periods and the financial position as of June 30, 2023 and December 31, 2022, and except as otherwise discussed, such adjustments consist of only those of a normal recurring nature. The audited balance sheet as of December 31, 2022 was derived from the audited annual financial statements. The interim results are not necessarily indicative of results for a full year and do not contain information included in the Company’s annual consolidated financial statements and notes for the year ended December 31, 2022. Certain information and footnote disclosures, normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), have been condensed or omitted pursuant to Securities and Exchange Commission rules and regulations dealing with interim financial statements. However, the Company believes that the disclosures made in the Condensed Consolidated Financial Statements included herein are adequate to make the information presented not misleading. It is suggested that these financial statements be read in conjunction with the financial statements and the notes thereto included in the Company’s latest annual report on Form 10-K.

All amounts, except share and per share amounts, are in millions throughout the tables in these notes unless otherwise indicated.

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Recent Accounting Changes and Pronouncements

6 Months Ended

Jun. 30, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Changes and Pronouncements

2. Recent Accounting Changes and Pronouncements

In September 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-04, "Disclosure of Supplier Financing Program Obligations.” The amendments in this ASU require that a buyer in a supplier finance program disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted this ASU as of January 1, 2023. The adoption of this ASU did not have a material impact on the Company's consolidated financial statements.

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Net Sales

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Net Sales

3. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Balance at beginning of period	$	24.0		$	25.5		$	21.9		$	28.7
Cash received in advance of satisfying    performance obligations		38.0			50.0			72.4			65.5
Revenue recognized		(41.9	)		(50.4	)		(74.3	)		(68.3	)
Currency translation		0.1			2.9			0.2			2.1
Balance at end of period	$	20.2		$	28.0		$	20.2		$	28.0

Disaggregation of the Company’s revenue sources are disclosed in Note 17, “Segments.”

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Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. Fair Value of Financial Instruments

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) that were accounted for at fair value as of June 30, 2023 and December 31, 2022.

	Fair Value as of June 30, 2023
	Level 1		Level 2		Level 3		Total		Recognized Location
Current Assets:
FX Forward Contracts	$	—	$	0.7	$	—	$	0.7	Other current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.6	$	—	$	0.6	Accounts payable and    accrued expenses

	Fair Value as of December 31, 2022
	Level 1		Level 2		Level 3		Total		Recognized Location
Current Assets:
FX Forward Contracts	$	—	$	5.7	$	—	$	5.7	Other current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.3	$	—	$	0.3	Accounts payable and    accrued expenses

The fair value of the $300.0 million senior secured second lien notes due on April 1, 2026, with an annual coupon rate of 9.000% (the “2026 Notes”), was $299.3 million as of June 30, 2023. See Note 11, “Debt,” for a description of the 2026 Notes and the related carrying value.

The Company endeavors to utilize the best available information in measuring fair value. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company estimates the fair value of its 2026 Notes based on quoted market prices of the instruments; because these markets are typically actively traded, the liabilities are classified as Level 1 within the valuation hierarchy. The carrying values of cash and cash equivalents, accounts receivable, accounts payable and short-term variable debt, including any amounts outstanding under the Company's revolving credit facility, approximate fair value, without being discounted as of June 30, 2023 and December 31, 2022, due to the short-term nature of these instruments.

FX Forward Contracts are valued through an independent valuation source which uses an industry standard data provider, with resulting valuations periodically validated through third-party or counterparty quotes. As such, these derivative instruments are classified within Level 2. See Note 5, “Derivative Financial Instruments” for additional information.

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Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

5. Derivative Financial Instruments

The Company’s risk management objective is to ensure that business exposures to risks are minimized using the most effective and efficient methods to eliminate, reduce, or transfer such exposures. Operating decisions consider these associated risks and, whenever possible, transactions are structured to avoid or mitigate these risks.

From time to time, the Company enters into FX Forward Contracts to manage the exposure on forecasted transactions denominated in non-functional currencies and to manage the risk of transaction gains and losses associated with assets/liabilities in currencies other than the functional currency of certain subsidiaries. Certain of these FX Forward Contracts are designated as cash flow hedges. To the extent these derivatives are effective in offsetting the variability of the hedged cash flows, changes in the derivatives’ fair value are not included in current earnings but are included in accumulated other comprehensive income (loss) ("AOCI"). These changes in fair value are reclassified into earnings as a component of cost of

sales, as applicable, when the forecasted transaction impacts earnings. In addition, if the forecasted transaction is no longer probable, the cumulative change in the derivatives’ fair value is recorded as a component of other income (expense) – net in the period in which the transaction is no longer considered probable of occurring. No amounts were recorded related to forecasted transactions no longer being probable during the three and six months ended June 30, 2023 and 2022.

The Company had FX Forward Contracts with aggregate notional amounts of $109.1 million and $87.7 million in U.S. dollar equivalent as of June 30, 2023 and December 31, 2022, respectively. The aggregate notional amount outstanding as of June 30, 2023 is scheduled to mature within one year. The FX Forward Contracts purchased are denominated in various foreign currencies. Net unrealized gains (losses), net of income tax, recorded in AOCI were $0.4 million of losses and $5.4 million of gains as of June 30, 2023 and December 31, 2022, respectively.

The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

		Three Months Ended June 30,						Six Months Ended June 30,
	Recognized Location	2023			2022			2023			2022
Designated	Cost of sales	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)
Non-designated	Other expense - net	$	(2.9	)	$	1.3		$	(5.2	)	$	2.0

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Inventories

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Inventories

6. Inventories

The components of inventories as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023		December 31, 2022
Raw materials	$	173.6	$	161.2
Work-in-process		160.6		141.3
Finished goods		393.2		309.4
Total inventories - net	$	727.4	$	611.9

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Notes Receivable

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Notes Receivable

7. Notes Receivable

The Company has notes receivable balances that are classified as current or long-term based on the timing of amounts due. Long-term notes receivable are included within other non-current assets in the Condensed Consolidated Balance Sheets. As of June 30, 2023, the Company had current and long-term notes receivable in the amount of $8.7 million and $1.0 million, respectively. As of December 31, 2022, the Company had current and long-term notes receivable in the amount of $10.6 million and $2.0 million, respectively. During the six months ended June 30, 2022, the Company recorded income of $4.8 million in engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations to recognize the partial recovery of the previously written-off long-term note receivable balance from the 2014 divestiture of the Company's Chinese joint venture.

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Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

8. Property, Plant, and Equipment

The components of property, plant, and equipment as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023			December 31, 2022
Land	$	14.8		$	17.9
Building and improvements		197.7			194.7
Machinery, equipment, and tooling		308.1			300.6
Furniture and fixtures		13.9			13.8
Computer hardware and software		133.2			129.4
Rental cranes		176.2			157.8
Construction in progress		8.3			8.4
Total cost		852.2			822.6
Less accumulated depreciation		(510.3	)		(487.3	)
Property, plant, and equipment — net	$	341.9		$	335.3

Property, plant, and equipment is depreciated over the estimated useful life using the straight-line depreciation method for financial reporting and accelerated methods for income tax purposes.

Assets Held for Sale

As of June 30, 2023, the Company had $2.9 million of property, plant, and equipment classified as assets held for sale in other current assets in the Condensed Consolidated Balance Sheets. This amount relates to a manufacturing building and land in Fanzeres, Portugal.

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Goodwill and Other Intangible Assets

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

The changes in the carrying amount of goodwill as of June 30, 2023 and December 31, 2022 are summarized as follows:

	Americas - Distribution		MEAP			Consolidated
Balance as of December 31, 2022	$	14.4	$	65.7		$	80.1
Foreign currency impact		—		(1.1	)		(1.1	)
Balance as of June 30, 2023	$	14.4	$	64.6		$	79.0

The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reporting unit are summarized as follows:

	June 30, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value		Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value
Americas - Manufacturing	$	166.5	$	(166.5	)	$	—	$	166.5	$	(166.5	)	$	—
Americas - Distribution		14.4		—			14.4		14.4		—			14.4
EURAF		82.2		(82.2	)		—		82.2		(82.2	)		—
MEAP		64.6		—			64.6		65.7		—			65.7
Total	$	327.7	$	(248.7	)	$	79.0	$	328.8	$	(248.7	)	$	80.1

The Company performs its annual goodwill impairment test during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three and six months ended June 30, 2023.

The gross carrying amount, accumulated amortization, and net book value of the Company’s other intangible assets other than goodwill as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value		Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value
Definite lived intangible assets:
Customer relationships	$	26.5	$	(10.9	)	$	15.6	$	26.5	$	(10.0	)	$	16.5
Patents		29.0		(28.5	)		0.5		28.7		(28.2	)		0.5
Noncompetition agreements		4.2		(1.6	)		2.6		4.2		(1.2	)		3.0
Trademarks and tradenames		2.2		(0.8	)		1.4		2.2		(0.6	)		1.6
Other intangibles		0.6		(0.6	)		—		0.6		(0.5	)		0.1
Total		62.5		(42.4	)		20.1		62.2		(40.5	)		21.7
Indefinite lived intangible assets:
Trademarks and tradenames		92.0		—			92.0		91.0		—			91.0
Distribution network		14.1		—			14.1		14.0		—			14.0
Total		106.1		—			106.1		105.0		—			105.0
Total other intangible assets	$	168.6	$	(42.4	)	$	126.2	$	167.2	$	(40.5	)	$	126.7

The Company performs its annual indefinite-lived intangible assets impairment testing during the fourth quarter, or more frequently if events or changes in circumstances indicate that there might be an impairment of the asset. The Company will continue to monitor changes in circumstances and test more frequently if those changes indicate that assets might be impaired. The Company determined there was no triggering event for the three and six months ended June 30, 2023.

Definite lived intangible assets and long-lived assets are subject to impairment testing whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The Company determined there was no triggering event for the three and six months ended June 30, 2023.

Other intangible assets with definite lives are amortized over their estimated useful lives. Amortization expense for the three months ended June 30, 2023 and 2022 was $0.7 million and $0.8 million, respectively. Amortization expense for the six months ended June 30, 2023 and 2022 was $1.7 million and $1.6 million, respectively.

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Accounts Payable and Accrued Expenses

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

10. Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023		December 31, 2022
Trade accounts payable	$	297.8	$	274.6
Employee-related expenses		48.4		51.0
Accrued vacation		26.3		22.4
Miscellaneous accrued expenses		119.9		98.4
Total accounts payable and accrued expenses	$	492.4	$	446.4

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Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Debt

11. Debt

Outstanding debt as of June 30, 2023 and December 31, 2022 is summarized as follows:

	June 30, 2023			December 31, 2022
Borrowings under senior secured asset based revolving    credit facility	$	82.0		$	80.0
Senior secured second lien notes due 2026		300.0			300.0
Other debt		7.4			8.0
Deferred financing costs		(2.0	)		(2.4	)
Total debt		387.4			385.6
Short-term borrowings and current portion of long-term    debt		(6.7	)		(6.1	)
Long-term debt	$	380.7		$	379.5

On March 25, 2019, the Company and certain subsidiaries of the Company (the “Loan Parties”) entered into a credit agreement (the “ABL Credit Agreement”) with JP Morgan Chase Bank, N.A as administrative and collateral agent, and certain financial institutions party thereto as lenders, providing for a senior secured asset-based revolving credit facility (the “ABL Revolving Credit Facility”) of up to $275.0 million. The borrowing capacity under the ABL Revolving Credit Facility is based on the value of inventory, accounts receivable and certain fixed assets of the Loan Parties. The Loan Parties’ obligations under the ABL Revolving Credit Facility are secured on a first-priority basis, subject to certain exceptions and permitted liens, by substantially all of the personal property and fee-owned real property of the Loan Parties. The liens securing the ABL Revolving Credit Facility are senior in priority to the second-priority liens securing the obligations under the 2026 Notes and the related guarantees. The ABL Revolving Credit Facility includes a $75.0 million letter of credit sub-facility, $10.0 million of which is available to the Company’s German subsidiary that is a borrower under the ABL Revolving Credit Facility.

On June 17, 2021, the Company amended the ABL Credit Agreement to adjust certain negative covenants which reduced restrictions on the Company's ability to expand its rental business. On May 19, 2022, the Company further amended the ABL Credit Agreement to (i) extend the maturity date to May 19, 2027 (subject to a springing maturity date of December 30, 2025 if the 2026 Notes have not been repaid in full or refinanced prior to December 30, 2025), (ii) permit the inclusion, subject to certain limitations, of the crane rental assets of certain subsidiaries in the borrowing base used to calculate availability under the ABL Credit Agreement, (iii) permit separate financing of crane rental assets not included in the borrowing base and (iv) replace U.S. dollar London Inter-bank Offered Rate with interest rates based on the secured overnight financing rate plus a credit spread adjustment (“SOFR”).

Borrowings under the ABL Revolving Credit Facility bear interest at a variable rate using either the Alternative Base Rate or SOFR plus the spread set forth below. The variable interest rate is based upon the average availability as of the most recent determination date as follows:
 

Average quarterly availability	Alternative base rate spread	SOFR spread
≥ 50% of Aggregate Commitment	0.25%	1.25%
< 50% of Aggregate Commitment	0.50%	1.50%

As of June 30, 2023 and December 31, 2022, the Company had borrowings on the ABL Revolving Credit Facility of $82.0 million and $80.0 million, respectively. As of June 30, 2023, the spreads for SOFR and prime rate borrowings were 1.25% and 0.25%, respectively, with excess availability of $189.8 million, which represents revolver borrowing capacity of $275.0 million less $82.0 million of borrowings outstanding and $3.2 million of U.S. letters of credit outstanding.

As of June 30, 2023, the Company had other indebtedness outstanding of $7.4 million that had a weighted-average interest rate of approximately 4.1%. This debt includes balances on local credit lines and other financing arrangements.

On March 25, 2019, the Company and certain of its subsidiaries entered into an indenture with U.S. Bank National Association as trustee and notes collateral agent, pursuant to which the Company issued $300.0 million aggregate principal amount of the 2026 Notes with an annual coupon rate of 9.000%. Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year. The 2026 Notes are fully and unconditionally guaranteed on a senior secured second lien basis, jointly and severally, by each of the Company’s existing and future domestic subsidiaries that is either a guarantor or a borrower under the ABL Revolving Credit Facility or that guarantees certain other debt of the Company or a guarantor. The 2026 Notes and the related guarantees are secured on a second-priority basis, subject to certain exceptions and permitted liens, by pledges of capital stock and other equity interests and other security interests in substantially all of the personal property and fee-owned real property of the Company and of the guarantors that secure obligations under the ABL Revolving Credit Facility.

Both the ABL Revolving Credit Facility and the 2026 Notes include customary covenants which include, without limitation, restrictions on, the Company’s ability and the ability of the Company’s restricted subsidiaries to incur, assume or guarantee additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of the Company’s capital stock or make other restricted payments, make certain investments, sell or transfer certain assets, create liens on certain assets to secure debt, consolidate, merge, sell, or otherwise dispose of all or substantially all of the Company’s assets, enter into certain transactions with affiliates and designate the Company’s subsidiaries as unrestricted. Both the ABL Revolving Credit Facility and the 2026 Notes also include customary events of default. The ABL Revolving Credit Facility has customary representations and warranties including, as a condition to borrowing, that all such representations and warranties are true and correct, in all material respects, on the date of the borrowing, including representations as to no material adverse change in the Company’s business or financial condition since December 31, 2018.

Additionally, the ABL Revolving Credit Facility contains a covenant requiring the Company to maintain a minimum fixed charge coverage ratio under certain circumstances set forth in the ABL Credit Agreement.

As of June 30, 2023, the Company was in compliance with all affirmative and negative covenants in its debt instruments, inclusive of the financial covenants pertaining to the ABL Revolving Credit Facility and 2026 Notes. Based upon management’s current plans and outlook, the Company believes it will be able to comply with these covenants during the subsequent twelve months.

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Accounts Receivable Factoring

6 Months Ended

Jun. 30, 2023

Transfers and Servicing [Abstract]

Accounts Receivable Factoring

12. Accounts Receivable Factoring

The Company has two non-U.S. accounts receivable financing programs with no maximum availability and one U.S. accounts receivable financing program with maximum availability of $27.0 million. Transactions under the U.S. and non-U.S. programs were accounted for as sales in accordance with Accounting Standards Codification ("ASC") Topic 860, “Transfers and Servicing.” Under these financing programs, the Company has the ability to sell eligible receivables up to the maximum limit.

For the three and six months ended June 30, 2023, cash proceeds from the factoring of accounts receivable qualifying as sales were $41.3 million and $82.7 million, respectively. For the three and six months ended June 30, 2022, cash proceeds from the factoring of accounts receivable qualifying as sales were $58.4 million and $104.0 million, respectively.

Financing charges associated with the factoring of receivables qualifying as sales are included in interest expense in the Condensed Consolidated Statements of Operations. Financing charges incurred from the factoring of accounts receivable qualifying as sales for the three and six months ended June 30, 2023 and 2022 were immaterial.

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Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

The Company’s income before income taxes include income from both U.S. and foreign jurisdictions. The annual effective tax rate varies from the U.S. federal statutory rate of 21% due to results of foreign operations that are subject to income taxes at

different statutory rates. In addition, tax expense is impacted by losses in both the U.S. and foreign jurisdictions where no tax benefit can be realized.

For the three months ended June 30, 2023, and 2022, the Company recorded a benefit for income taxes of $5.2 million and $7.1 million, respectively. For the six months ended June 30, 2023, and 2022, the Company recorded a benefit for income taxes of $1.0 million and $0.6 million, respectively. During the three months ended June 30, 2023, a discrete net tax benefit of $13.5 million was recorded, of which $13.9 million is related to the release of a remaining valuation allowance against tax assets after estimated current year utilization. During the three months ended June 30, 2022, a discrete tax benefit of $11.0 million was recorded, primarily related to the release of a $12.1 million uncertain tax position, inclusive of $1.2 million of interest, related to U.S. Federal tax planning strategies implemented as a result of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The increase in the Company’s tax benefit for the three and six months ended June 30, 2023, relative to the prior year primarily relates to an increase in the discrete tax benefit recorded year over year.

The Company’s unrecognized tax benefits, excluding interest and penalties, were $9.2 million and $9.1 million as of June 30, 2023, and December 31, 2022, respectively.

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Net Income Per Share

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Net Income Per Common Share

14. Net Income Per Common Share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic weighted average common     shares outstanding		35,084,580		35,283,969		35,102,924		35,208,349
Effect of dilutive securities - equity    compensation awards		565,563		266,973		664,028		356,533
Diluted weighted average common    shares outstanding		35,650,143		35,550,942		35,766,952		35,564,882

Equity compensation awards for which total employee proceeds from exercise exceed the average fair value of the same equity incentive instrument over the period have an anti-dilutive effect on earnings per share during periods with net income, and accordingly, are excluded from diluted weighted average common shares outstanding. Anti-dilutive equity instruments of 440,355 and 479,723 common shares were excluded from the diluted weighted average common shares outstanding for the three and six months ended June 30, 2023, respectively. Anti-dilutive equity instruments of 1,087,078 and 950,392 common shares were excluded from the diluted weighted average common shares outstanding for the three and six months ended June 30, 2022, respectively.

No cash dividends were declared or paid during the three and six months ended June 30, 2023 and 2022.

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Equity

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Equity

15. Equity

Authorized capital consists of 75.0 million shares of $0.01 par value common stock and 3.5 million shares of $0.01 par value preferred stock. None of the preferred shares have been issued.

As of June 30, 2023, the Company has $2.1 million remaining under an authorization from the Board of Directors to purchase up to $30.0 million of the Company's common stock at management's discretion. During the three months ended June 30, 2023, the Company repurchased 129,138 shares of the Company's common stock for $2.0 million under this authorization. During the six months ended June 30, 2023, the Company repurchased 320,984 shares of the Company's common stock for $5.5 million under this authorization.

As of June 30, 2023, the Company’s operations in Russia have been substantially curtailed. As a result, for the three and six months ended June 30, 2023, the Company released $9.3 million of non-cash foreign currency translation adjustments recorded in accumulated other comprehensive loss on the Condensed Consolidated Balance Sheets to other expense – net in the

Condensed Consolidated Statement of Operations. The results of the Company’s Russian operations continue to be included in its consolidated results in accordance with ASC 810, “Consolidation.”

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended June 30, 2023 and 2022 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of March 31, 2022	$	(0.2	)	$	(32.9	)	$	(75.6	)	$	(108.7	)
Other comprehensive loss before    reclassifications		(3.6	)		(0.1	)		(20.5	)		(24.2	)
Amounts reclassified from accumulated other    comprehensive loss		1.5			0.3			—			1.8
Net other comprehensive income (loss)		(2.1	)		0.2			(20.5	)		(22.4	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)
Balance as of March 31, 2023	$	2.1		$	(16.3	)	$	(93.8	)	$	(108.0	)
Other comprehensive income (loss) before    reclassifications		(0.7	)		(1.6	)		0.2			(2.1	)
Amounts reclassified from accumulated other    comprehensive loss		(1.8	)		0.7			9.3			8.2
Net other comprehensive income (loss)		(2.5	)		(0.9	)		9.5			6.1
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the six months ended June 30, 2023 and 2022 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2021	$	—		$	(32.3	)	$	(70.1	)	$	(102.4	)
Other comprehensive loss before    reclassifications		(3.9	)		(1.2	)		(26.0	)		(31.1	)
Amounts reclassified from accumulated    other comprehensive loss		1.6			0.8			—			2.4
Net other comprehensive loss		(2.3	)		(0.4	)		(26.0	)		(28.7	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)
Balance as of December 31, 2022	$	5.4		$	(15.3	)	$	(98.0	)	$	(107.9	)
Other comprehensive income (loss) before    reclassifications		(0.6	)		(3.3	)		4.4			0.5
Amounts reclassified from accumulated other    comprehensive loss		(5.2	)		1.4			9.3			5.5
Net other comprehensive income (loss)		(5.8	)		(1.9	)		13.7			6.0
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022				Recognized Location
Gains (losses) on cash flow hedges
FX Forward Contracts	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)		Cost of sales
Total before income taxes		1.8			(1.5	)		5.2			(1.6	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)
Amortization of pension and    postretirement items
Actuarial losses	$	(0.7	)	$	(0.7	)	$	(1.4	)	$	(1.5	)	(a)	Other expense - net
Amortization of prior service cost		—			0.4			—			0.7		(a)	Other expense - net
Total before income taxes		(0.7	)		(0.3	)		(1.4	)		(0.8	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(0.7	)	$	(0.3	)	$	(1.4	)	$	(0.8	)
Foreign currency translation
Losses on foreign currency translation	$	(9.3	)	$	—		$	(9.3	)	$	—			Other expense - net
Total before income taxes		(9.3	)		—			(9.3	)		—
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(9.3	)	$	—		$	(9.3	)	$	—
Total reclassifications for the period,    net of income taxes	$	(8.2	)	$	(1.8	)	$	(5.5	)	$	(2.4	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 20, “Employee Benefit Plans,” for additional information).

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Stock-Based Compensation

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

16. Stock-Based Compensation

Equity compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2023 is included in the Company’s 2022 Annual Report on Form 10-K. The total number of shares of the Company’s common stock available for awards under the Company’s 2013 Omnibus Incentive Plan is 7,477,395 shares. The total number of shares of the Company’s common stock available for issuance as of June 30, 2023 is 3,290,968 shares.

Stock-based compensation expense was $2.3 million and $0.9 million for the three months ended June 30, 2023 and 2022, respectively. Stock-based compensation was $5.4 million and $4.0 million for the six months ended June 30, 2023 and 2022, respectively. The Company reports stock-based compensation expense within engineering, selling, and administrative expenses in the Condensed Consolidated Statements of Operations. The Company recognizes stock-based compensation expense over the award’s vesting period, subject to retirement, death or disability provisions of the 2013 Omnibus Incentive Plan.

The Company granted 22,591 and 20,929 restricted stock units during the three months ended June 30, 2023 and 2022, respectively. The Company granted 500,283 and 399,552 restricted stock units, inclusive of 77,576 and 56,640 director awards, during the six months ended June 30, 2023 and 2022, respectively. The restricted stock units granted to employees vest in three annual increments over a three-year period beginning on the grant date and director awards vest immediately on the grant date.

No performance shares units were issued by the Company to employees during the three months ended June 30, 2023 and 2022, respectively. A total of 316,022 and 198,334 performance shares units were issued by the Company to employees during the six months ended June 30, 2023 and 2022, respectively. Performance share units vest after three years and are earned based

on the extent to which performance goals are met over the applicable performance period. The performance goals and the applicable performance period vary for each grant year.

The performance goals for the performance share units granted in 2023 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2023 to 2025 and 40% on cumulative non-new machine sales from January 1, 2023 through December 31, 2025. The Company defines non-new machine sales as parts sales, used crane sales, rental revenue, service revenue and other revenue. The 2023 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

The performance goals for the performance share units granted in 2022 are weighted 60% on the 3-year average of the Company’s adjusted EBITDA percentage from 2022 to 2024 and 40% on non-new machine sales for the year ending December 31, 2024. The 2022 performance share units include a +/-20% modifier weighted on total shareholder return relative to a defined peer group of companies during the three-year performance period, not to exceed 200% of target shares granted.

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Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segments

17. Segments

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker (“CODM”), for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments.

The Company has three reportable segments: Americas, EURAF, and MEAP. The Company aggregates certain of its operating segments into reportable segments.

The CODM evaluates the performance of its reportable segments based on net sales and operating income. Segment net sales are recognized in the geographic region the product is sold. Operating income for each segment includes net sales to third parties, cost of sales directly attributable to the segment, and operating expenses directly attributable to the segment. Manufacturing variances generated within each operating segment are maintained in each segment’s operating income. Operating income for each segment excludes other income and expense and certain expenses managed outside the operating segments. Costs excluded from segment operating income include various corporate expenses such as stock-based compensation expense, income taxes, nonrecurring charges and other separately managed general and administrative costs. The Company does not include intercompany sales between segments for management reporting purposes. The Company’s operating segments were identified as its reportable segments. The CODM does not evaluate performance of the reportable segments based on total assets.

The following table shows information by reportable segment for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net Sales
Americas	$	319.4	$	226.2	$	583.8	$	442.1
EURAF		185.8		209.0		364.0		388.2
MEAP		97.6		62.0		163.3		125.9
Total	$	602.8	$	497.2	$	1,111.1	$	956.2
Segment Operating    Income
Americas	$	29.6	$	18.4	$	58.1	$	24.2
EURAF		6.4		0.6		10.0		12.0
MEAP		19.0		8.0		27.6		21.1
Total	$	55.0	$	27.0	$	95.7	$	57.3
Depreciation
Americas	$	7.4	$	9.3	$	14.6	$	19.0
EURAF		5.4		4.9		10.8		10.0
MEAP		0.6		0.7		1.2		1.3
Corporate		0.8		0.7		1.5		1.4
Total	$	14.2	$	15.6	$	28.1	$	31.7
Capital Expenditures
Americas	$	19.0	$	2.6	$	23.4	$	5.2
EURAF		7.2		4.8		11.9		10.4
MEAP		0.8		0.7		1.0		1.2
Corporate		—		—		—		—
Total	$	27.0	$	8.1	$	36.3	$	16.8

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Segment operating income	$	55.0		$	27.0		$	95.7		$	57.3
Unallocated corporate expenses		(20.6	)		(8.7	)		(31.0	)		(21.4	)
Unallocated restructuring    expense		—			—			(0.1	)		—
Total operating income	$	34.4		$	18.3		$	64.6		$	35.9

Net sales by geographic area for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	270.9	$	199.1	$	484.7	$	391.2
Europe		178.0		200.9		352.4		375.1
Other		153.9		97.2		274.0		189.9
Total net sales	$	602.8	$	497.2	$	1,111.1	$	956.2

New machine and non-new machines sales for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
New machine sales	$	452.4	$	358.1	$	808.9	$	687.7
Non-new machine sales		150.4		139.1		302.2		268.5
Total net sales	$	602.8	$	497.2	$	1,111.1	$	956.2

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Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

18. Commitments and Contingencies

The Company is subject to various legal proceedings and claims that have arisen in the ordinary course of business which have not been fully resolved. The outcome of any litigation is inherently uncertain. When a loss related to a legal proceeding or claim is probable and reasonably estimable, the Company accrues its best estimate for the ultimate resolution of the matter.

As of June 30, 2023, various product-related lawsuits were pending. To the extent permitted under applicable law, all of these lawsuits are insured with self-insurance retention levels. The Company’s self-insurance retention levels vary by business and have fluctuated over the last 10 years. As of June 30, 2023, the largest self-insured retention level for new occurrences currently maintained by the Company is $3.0 million per occurrence and applies to product liability claims arising in North America.

As of June 30, 2023, current and long-term product liability reserves were $7.7 million and $6.1 million, respectively. As of December 31, 2022, current and long-term product liability reserves were $9.4 million and zero, respectively. Current product liability reserves are included within other liabilities and long-term product liability reserves are included within other non-current liabilities in the Condensed Consolidated Balance Sheets. These amounts are not reduced for insurance recoveries for claims above the Company's self-insured retention level. As of June 30, 2023 and December 31, 2022, the Company had $0.8 million and zero, respectively, of estimated insurance recoveries included in other current assets in the Condensed Consolidated Balance Sheets.

Reserves for product-related lawsuits were estimated using a combination of actual case reserves and actuarial methods. Based on the Company’s experience in defending product liability claims, management believes the reserves are adequate for estimated case resolutions on aggregate self-insured claims and insured claims. Any recoveries from insurance carriers are dependent upon the legal sufficiency of claims and solvency of insurance carriers.

As of June 30, 2023 and December 31, 2022, the Company had reserves of $53.7 million and $58.0 million, respectively, for warranty and other related claims included in product warranties and other non-current liabilities in the Condensed Consolidated Balance Sheets. Certain of these warranty and other related claims involve matters in dispute that ultimately are resolved by negotiation, arbitration, or litigation. See Note 19, “Guarantees,” for further information.

It is reasonably possible that the estimates for warranty and other related claims, product liability, asbestos-related claims, and other various legal matters may change based upon new information that may arise or matters that are beyond the scope of the Company’s historical experience. Presently, there are no reliable methods to estimate the amount of any such potential changes. The ultimate resolution of these matters, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial condition, results of operations or cash flows.

In July 2017, the Company received an Information Request from the United States Environmental Protection Agency (“U.S. EPA”) relating to the sales of cranes manufactured between January 1, 2014 and July 31, 2017 and the Company’s related participation in the Transition Program for Equipment Manufacturers (the “TPEM” program). The TPEM program allowed equipment manufacturers to delay installing engines meeting Tier 4 final emission standards in their products, subject to certain percentage allowance restrictions. The Company has provided, and continues to provide, information to the U.S. EPA and the U.S. Department of Justice (“U.S. DOJ”) on the approximately 1,420 engines included in the Company’s cranes relating to the TPEM program and other certification matters. The Company is engaged in confidential discussions with the U.S. EPA and U.S. DOJ with respect to these matters.

Based on management's current assessment of the facts underlying these matters, the Company recorded an additional charge of $10.8 million for the three and six months ended June 30, 2023. The total recorded estimated liability in the Company's Condensed Consolidated Balance Sheets is $25.7 million and $14.9 million as of June 30, 2023 and December 31, 2022, respectively. Other than the foregoing, the Company is unable to provide further meaningful quantification as to the final resolution of these matters. However, the Company calculated the statutory maximum penalties under the Clean Air Act to be approximately $174.0 million. The Company believes it has strong legal and factual defenses and will vigorously defend any allegations of noncompliance and the factors that could apply in the assessment of any civil penalty. Final resolution of these matters may have a material impact on the Company’s financial condition, results of operations or cash flows.

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Guarantees

6 Months Ended

Jun. 30, 2023

Guarantees [Abstract]

Guarantees

19. Guarantees

The Company periodically enters into transactions with customers that provide for buyback commitments. The Company evaluates each agreement at inception to determine if the customer has a significant economic incentive to exercise the buyback option. If it is determined that the customer has a significant economic incentive to exercise that right, the revenue is deferred and the agreement is accounted for as a lease in accordance with ASC Topic 842 – “Leases” (“Topic 842”). If it is determined that the customer does not have a significant economic incentive to exercise that right, then revenue is recognized when control of the product is transferred to the customer. The revenue deferred related to buyback obligations accounted for under Topic

842 included in other current and non-current liabilities as of June 30, 2023 and December 31, 2022 was $25.4 million and $27.3 million, respectively. The total amount of buyback commitments given by the Company and outstanding as of June 30, 2023 and December 31, 2022 was $41.4 million and $42.5 million, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes. The buyback commitments expire at various times through 2032. The Company also has various loss guarantees with maximum liabilities of $11.8 million and $15.0 million as of June 30, 2023 and December 31, 2022, respectively. These amounts are not reduced for amounts the Company would recover from the repossession and subsequent resale of the cranes securing the related guarantees.

In the normal course of business, the Company provides its customers a warranty covering workmanship, and in some cases materials, on products manufactured by the Company. Such warranties generally provide that products will be free from defects for periods ranging from 12 months to 60 months. In addition, the Company may incur other warranty related costs outside of its standard warranty period. Costs for other warranty-related work are recorded in the period a loss is probable and can be reasonably estimated. Below is a table summarizing the warranty and other warranty related work for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Balance at beginning of period	$	56.4		$	59.4		$	58.0		$	60.2
Adjustments to accruals for warranties		4.4			5.9			11.0			11.8
Settlements made (in cash or in kind) during    the period		(7.1	)		(6.7	)		(15.6	)		(12.8	)
Currency translation		0.0			(1.4	)		0.3			(2.0	)
Balance at end of period	$	53.7		$	57.2		$	53.7		$	57.2

Included in the warranty balance as of June 30, 2023 and December 31, 2022 is $9.9 million and $9.2 million, respectively, of long-term warranty which is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets.

The revenue deferred related to extended warranty periods included in other current and non-current liabilities as of June 30, 2023 and December 31, 2022 was $7.0 million and $6.6 million, respectively.

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Employee Benefit Plans

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Employee Benefit Plans

20. Employee Benefit Plans

The Company provides certain pension, health care, and death benefits to eligible retirees and their dependents. The funding mechanism for such benefits varies based on the country where the plan is located and the related plan. Eligibility for pension coverage is based on retirement qualifications. Healthcare benefits may be subject to deductibles, co-payments and other limitations. The Company reserves the right to modify benefits unless prohibited by local laws or regulations.

The components of periodic benefit cost for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30, 2023									Three Months Ended June 30, 2022
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.3		$	—		$	—		$	0.5		$	0.1
Interest cost of projected benefit obligations		1.4			0.6			0.1			0.8			0.3			0.1
Expected return on plan assets		(0.9	)		(0.4	)		—			(1.3	)		(0.3	)		—
Amortization of prior service cost		—			—			—			—			—			(0.4	)
Amortization of actuarial net (gain) loss		0.6			0.4			(0.3	)		0.5			0.4			(0.2	)
Net periodic benefit cost (income)	$	1.1		$	0.9		$	(0.2	)	$	—		$	0.9		$	(0.4	)

	Six Months Ended June 30, 2023									Six Months Ended June 30, 2022
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.6		$	—		$	—		$	0.9		$	0.1
Interest cost of projected benefit obligations		2.8			1.3			0.2			1.6			0.7			0.1
Expected return on plan assets		(1.9	)		(0.8	)		—			(2.6	)		(0.6	)		—
Amortization of prior service cost		—			—			—			—			—			(0.7	)
Amortization of actuarial net (gain) loss		1.2			0.8			(0.6	)		1.0			0.8			(0.3	)
Net periodic benefit cost (income)	$	2.1		$	1.9		$	(0.4	)	$	—		$	1.8		$	(0.8	)

The components of net periodic benefit cost other than the service cost component are included in other expense - net in the Condensed Consolidated Statements of Operations.

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Net Sales (Tables)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Change In Customer Advances Balance

The table below shows the change in the customer advances balance for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Balance at beginning of period	$	24.0		$	25.5		$	21.9		$	28.7
Cash received in advance of satisfying    performance obligations		38.0			50.0			72.4			65.5
Revenue recognized		(41.9	)		(50.4	)		(74.3	)		(68.3	)
Currency translation		0.1			2.9			0.2			2.1
Balance at end of period	$	20.2		$	28.0		$	20.2		$	28.0

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Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Accounted for at Fair Value

The following table sets forth the Company’s financial assets and liabilities related to foreign currency exchange contracts (“FX Forward Contracts”) that were accounted for at fair value as of June 30, 2023 and December 31, 2022.

	Fair Value as of June 30, 2023
	Level 1		Level 2		Level 3		Total		Recognized Location
Current Assets:
FX Forward Contracts	$	—	$	0.7	$	—	$	0.7	Other current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.6	$	—	$	0.6	Accounts payable and    accrued expenses

	Fair Value as of December 31, 2022
	Level 1		Level 2		Level 3		Total		Recognized Location
Current Assets:
FX Forward Contracts	$	—	$	5.7	$	—	$	5.7	Other current assets
Current Liabilities:
FX Forward Contracts	$	—	$	0.3	$	—	$	0.3	Accounts payable and    accrued expenses

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Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Gains or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts

The net gains (losses) recorded in the Condensed Consolidated Statements of Operations for FX Forward Contracts for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

		Three Months Ended June 30,						Six Months Ended June 30,
	Recognized Location	2023			2022			2023			2022
Designated	Cost of sales	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)
Non-designated	Other expense - net	$	(2.9	)	$	1.3		$	(5.2	)	$	2.0

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Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Inventory Disclosure [Abstract]

Schedule of the components of inventories

The components of inventories as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023		December 31, 2022
Raw materials	$	173.6	$	161.2
Work-in-process		160.6		141.3
Finished goods		393.2		309.4
Total inventories - net	$	727.4	$	611.9

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Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment

The components of property, plant, and equipment as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023			December 31, 2022
Land	$	14.8		$	17.9
Building and improvements		197.7			194.7
Machinery, equipment, and tooling		308.1			300.6
Furniture and fixtures		13.9			13.8
Computer hardware and software		133.2			129.4
Rental cranes		176.2			157.8
Construction in progress		8.3			8.4
Total cost		852.2			822.6
Less accumulated depreciation		(510.3	)		(487.3	)
Property, plant, and equipment — net	$	341.9		$	335.3

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Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in goodwill by reportable segment

The changes in the carrying amount of goodwill as of June 30, 2023 and December 31, 2022 are summarized as follows:

	Americas - Distribution		MEAP			Consolidated
Balance as of December 31, 2022	$	14.4	$	65.7		$	80.1
Foreign currency impact		—		(1.1	)		(1.1	)
Balance as of June 30, 2023	$	14.4	$	64.6		$	79.0

Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill

The gross carrying amount, accumulated amortization, and net book value of the Company’s other intangible assets other than goodwill as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value		Gross Carrying Amount		Accumulated Amortization Amount			Net Book Value
Definite lived intangible assets:
Customer relationships	$	26.5	$	(10.9	)	$	15.6	$	26.5	$	(10.0	)	$	16.5
Patents		29.0		(28.5	)		0.5		28.7		(28.2	)		0.5
Noncompetition agreements		4.2		(1.6	)		2.6		4.2		(1.2	)		3.0
Trademarks and tradenames		2.2		(0.8	)		1.4		2.2		(0.6	)		1.6
Other intangibles		0.6		(0.6	)		—		0.6		(0.5	)		0.1
Total		62.5		(42.4	)		20.1		62.2		(40.5	)		21.7
Indefinite lived intangible assets:
Trademarks and tradenames		92.0		—			92.0		91.0		—			91.0
Distribution network		14.1		—			14.1		14.0		—			14.0
Total		106.1		—			106.1		105.0		—			105.0
Total other intangible assets	$	168.6	$	(42.4	)	$	126.2	$	167.2	$	(40.5	)	$	126.7

Schedule of Goodwill Balances by Reporting Unit

The gross carrying amount, accumulated impairment, and net book value of the Company's goodwill balances by reporting unit are summarized as follows:

	June 30, 2023							December 31, 2022
	Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value		Gross Carrying Amount		Accumulated Impairment Amount			Net Book Value
Americas - Manufacturing	$	166.5	$	(166.5	)	$	—	$	166.5	$	(166.5	)	$	—
Americas - Distribution		14.4		—			14.4		14.4		—			14.4
EURAF		82.2		(82.2	)		—		82.2		(82.2	)		—
MEAP		64.6		—			64.6		65.7		—			65.7
Total	$	327.7	$	(248.7	)	$	79.0	$	328.8	$	(248.7	)	$	80.1

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Accounts Payable and Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Payables and Accruals [Abstract]

Schedule of accounts payable and accrued expenses

Accounts payable and accrued expenses as of June 30, 2023 and December 31, 2022 are summarized as follows:

	June 30, 2023		December 31, 2022
Trade accounts payable	$	297.8	$	274.6
Employee-related expenses		48.4		51.0
Accrued vacation		26.3		22.4
Miscellaneous accrued expenses		119.9		98.4
Total accounts payable and accrued expenses	$	492.4	$	446.4

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Debt (Tables)

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Abstract]

Schedule of Outstanding Debt

Outstanding debt as of June 30, 2023 and December 31, 2022 is summarized as follows:

	June 30, 2023			December 31, 2022
Borrowings under senior secured asset based revolving    credit facility	$	82.0		$	80.0
Senior secured second lien notes due 2026		300.0			300.0
Other debt		7.4			8.0
Deferred financing costs		(2.0	)		(2.4	)
Total debt		387.4			385.6
Short-term borrowings and current portion of long-term    debt		(6.7	)		(6.1	)
Long-term debt	$	380.7		$	379.5

Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability

The variable interest rate is based upon the average availability as of the most recent determination date as follows:

Average quarterly availability	Alternative base rate spread	SOFR spread
≥ 50% of Aggregate Commitment	0.25%	1.25%
< 50% of Aggregate Commitment	0.50%	1.50%

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Net Income Per Common Share (Tables)

6 Months Ended

Jun. 30, 2023

Earnings Per Share [Abstract]

Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income per common share

The following is a reconciliation of the weighted average shares outstanding used to compute basic and diluted net income per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Basic weighted average common     shares outstanding		35,084,580		35,283,969		35,102,924		35,208,349
Effect of dilutive securities - equity    compensation awards		565,563		266,973		664,028		356,533
Diluted weighted average common    shares outstanding		35,650,143		35,550,942		35,766,952		35,564,882

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Equity (Tables)

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

Schedule of Components of Accumulated Other Comprehensive Income (Loss)

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the three months ended June 30, 2023 and 2022 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of March 31, 2022	$	(0.2	)	$	(32.9	)	$	(75.6	)	$	(108.7	)
Other comprehensive loss before    reclassifications		(3.6	)		(0.1	)		(20.5	)		(24.2	)
Amounts reclassified from accumulated other    comprehensive loss		1.5			0.3			—			1.8
Net other comprehensive income (loss)		(2.1	)		0.2			(20.5	)		(22.4	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)
Balance as of March 31, 2023	$	2.1		$	(16.3	)	$	(93.8	)	$	(108.0	)
Other comprehensive income (loss) before    reclassifications		(0.7	)		(1.6	)		0.2			(2.1	)
Amounts reclassified from accumulated other    comprehensive loss		(1.8	)		0.7			9.3			8.2
Net other comprehensive income (loss)		(2.5	)		(0.9	)		9.5			6.1
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)

A reconciliation of the changes in accumulated other comprehensive income (loss), net of income tax, by component for the six months ended June 30, 2023 and 2022 are summarized as follows:

	Cash Flow Hedges			Pension & Postretirement			Foreign Currency Translation			Total
Balance as of December 31, 2021	$	—		$	(32.3	)	$	(70.1	)	$	(102.4	)
Other comprehensive loss before    reclassifications		(3.9	)		(1.2	)		(26.0	)		(31.1	)
Amounts reclassified from accumulated    other comprehensive loss		1.6			0.8			—			2.4
Net other comprehensive loss		(2.3	)		(0.4	)		(26.0	)		(28.7	)
Balance as of June 30, 2022	$	(2.3	)	$	(32.7	)	$	(96.1	)	$	(131.1	)
Balance as of December 31, 2022	$	5.4		$	(15.3	)	$	(98.0	)	$	(107.9	)
Other comprehensive income (loss) before    reclassifications		(0.6	)		(3.3	)		4.4			0.5
Amounts reclassified from accumulated other    comprehensive loss		(5.2	)		1.4			9.3			5.5
Net other comprehensive income (loss)		(5.8	)		(1.9	)		13.7			6.0
Balance as of June 30, 2023	$	(0.4	)	$	(17.2	)	$	(84.3	)	$	(101.9	)

Reconciliation of Reclassifications From Accumulated Other Comprehensive Income (Loss), Net of Income Tax

A reconciliation of the reclassifications from accumulated other comprehensive loss, net of income tax, for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Amount Reclassified from Accumulated Other Comprehensive Loss
	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022				Recognized Location
Gains (losses) on cash flow hedges
FX Forward Contracts	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)		Cost of sales
Total before income taxes		1.8			(1.5	)		5.2			(1.6	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	1.8		$	(1.5	)	$	5.2		$	(1.6	)
Amortization of pension and    postretirement items
Actuarial losses	$	(0.7	)	$	(0.7	)	$	(1.4	)	$	(1.5	)	(a)	Other expense - net
Amortization of prior service cost		—			0.4			—			0.7		(a)	Other expense - net
Total before income taxes		(0.7	)		(0.3	)		(1.4	)		(0.8	)
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(0.7	)	$	(0.3	)	$	(1.4	)	$	(0.8	)
Foreign currency translation
Losses on foreign currency translation	$	(9.3	)	$	—		$	(9.3	)	$	—			Other expense - net
Total before income taxes		(9.3	)		—			(9.3	)		—
Provision for income taxes		—			—			—			—
Total, net of income taxes	$	(9.3	)	$	—		$	(9.3	)	$	—
Total reclassifications for the period,    net of income taxes	$	(8.2	)	$	(1.8	)	$	(5.5	)	$	(2.4	)

(a)These accumulated other comprehensive loss components are components of net periodic pension cost (see Note 20, “Employee Benefit Plans,” for additional information).

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Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Information by Reportable Segment

The following table shows information by reportable segment for the three and six months ended June 30, 2023 and 2022:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net Sales
Americas	$	319.4	$	226.2	$	583.8	$	442.1
EURAF		185.8		209.0		364.0		388.2
MEAP		97.6		62.0		163.3		125.9
Total	$	602.8	$	497.2	$	1,111.1	$	956.2
Segment Operating    Income
Americas	$	29.6	$	18.4	$	58.1	$	24.2
EURAF		6.4		0.6		10.0		12.0
MEAP		19.0		8.0		27.6		21.1
Total	$	55.0	$	27.0	$	95.7	$	57.3
Depreciation
Americas	$	7.4	$	9.3	$	14.6	$	19.0
EURAF		5.4		4.9		10.8		10.0
MEAP		0.6		0.7		1.2		1.3
Corporate		0.8		0.7		1.5		1.4
Total	$	14.2	$	15.6	$	28.1	$	31.7
Capital Expenditures
Americas	$	19.0	$	2.6	$	23.4	$	5.2
EURAF		7.2		4.8		11.9		10.4
MEAP		0.8		0.7		1.0		1.2
Corporate		—		—		—		—
Total	$	27.0	$	8.1	$	36.3	$	16.8

Schedule of Reconciliation of the Company's Segment Operating Income

A reconciliation of the Company’s segment operating income to operating income in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Segment operating income	$	55.0		$	27.0		$	95.7		$	57.3
Unallocated corporate expenses		(20.6	)		(8.7	)		(31.0	)		(21.4	)
Unallocated restructuring    expense		—			—			(0.1	)		—
Total operating income	$	34.4		$	18.3		$	64.6		$	35.9

Schedule of Net Sales by Geographic Area

Net sales by geographic area for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
United States	$	270.9	$	199.1	$	484.7	$	391.2
Europe		178.0		200.9		352.4		375.1
Other		153.9		97.2		274.0		189.9
Total net sales	$	602.8	$	497.2	$	1,111.1	$	956.2

Schedule of Net Sales By Product

New machine and non-new machines sales for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
New machine sales	$	452.4	$	358.1	$	808.9	$	687.7
Non-new machine sales		150.4		139.1		302.2		268.5
Total net sales	$	602.8	$	497.2	$	1,111.1	$	956.2

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Guarantees (Tables)

6 Months Ended

Jun. 30, 2023

Guarantees [Abstract]

Summary of Warranty Activity

Below is a table summarizing the warranty and other warranty related work for the three and six months ended June 30, 2023 and 2022.

	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Balance at beginning of period	$	56.4		$	59.4		$	58.0		$	60.2
Adjustments to accruals for warranties		4.4			5.9			11.0			11.8
Settlements made (in cash or in kind) during    the period		(7.1	)		(6.7	)		(15.6	)		(12.8	)
Currency translation		0.0			(1.4	)		0.3			(2.0	)
Balance at end of period	$	53.7		$	57.2		$	53.7		$	57.2

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Employee Benefit Plans (Tables)

6 Months Ended

Jun. 30, 2023

Retirement Benefits [Abstract]

Schedule of components of period benefit costs

The components of periodic benefit cost for the three and six months ended June 30, 2023 and 2022 are summarized as follows:

	Three Months Ended June 30, 2023									Three Months Ended June 30, 2022
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.3		$	—		$	—		$	0.5		$	0.1
Interest cost of projected benefit obligations		1.4			0.6			0.1			0.8			0.3			0.1
Expected return on plan assets		(0.9	)		(0.4	)		—			(1.3	)		(0.3	)		—
Amortization of prior service cost		—			—			—			—			—			(0.4	)
Amortization of actuarial net (gain) loss		0.6			0.4			(0.3	)		0.5			0.4			(0.2	)
Net periodic benefit cost (income)	$	1.1		$	0.9		$	(0.2	)	$	—		$	0.9		$	(0.4	)

	Six Months Ended June 30, 2023									Six Months Ended June 30, 2022
							Postretirement									Postretirement
	U.S.			Non-U.S.			Health and			U.S.			Non-U.S.			Health and
	Pension			Pension			Other			Pension			Pension			Other
	Plans			Plans			Plans			Plans			Plans			Plans
Service cost - benefits earned during    the period	$	—		$	0.6		$	—		$	—		$	0.9		$	0.1
Interest cost of projected benefit obligations		2.8			1.3			0.2			1.6			0.7			0.1
Expected return on plan assets		(1.9	)		(0.8	)		—			(2.6	)		(0.6	)		—
Amortization of prior service cost		—			—			—			—			—			(0.7	)
Amortization of actuarial net (gain) loss		1.2			0.8			(0.6	)		1.0			0.8			(0.3	)
Net periodic benefit cost (income)	$	2.1		$	1.9		$	(0.4	)	$	—		$	1.8		$	(0.8	)

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Accounting Policies and Basis of Presentation - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Accounting Policies [Abstract]
Period of providing high-quality, customer-focused products and support services	120 years
Number of reportable segments	3

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Net Sales - Schedule of Change In Customer Advances Balance (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Balance at beginning of period	$ 24.0	$ 25.5	$ 21.9	$ 28.7
Cash received in advance of satisfying performance obligations	38.0	50.0	72.4	65.5
Revenue recognized	(41.9)	(50.4)	(74.3)	(68.3)
Currency translation	0.1	2.9	0.2	2.1
Balance at end of period	$ 20.2	$ 28.0	$ 20.2	$ 28.0

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Fair Value of Financial Instruments - Financial Assets and Liabilities Related to Foreign Currency Exchange Contracts Account for at Fair Value (Details) - Estimate of Fair Value Measurement - Fair Value, Measurements, Recurring - Foreign Currency Exchange Contracts - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current	$ 0.7	$ 5.7
Derivative liabilities, current	0.6	0.3
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Derivatives assets, current	0.7	5.7
Derivative liabilities, current	$ 0.6	$ 0.3

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Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Mar. 25, 2019
Senior Secured Second Lien Notes Due 2026
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instruments at fair value	$ 299.3
Interest rate, stated percentage (as a percent)	9.00%	9.00%
Debt instrument maturity date	Apr. 01, 2026
Senior secured second lien notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Debt instruments at fair value	$ 300.0

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Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Unrealized gain (losses) net of income tax	$ (0.4)	$ 5.4
Foreign Exchange Forward
Derivatives Fair Value [Line Items]
Derivative, notional amount	$ 109.1	$ 87.7
Derivative remaining maturity period	1 year

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Derivative Financial Instruments - Summary of Gain or Losses Recorded in Condensed Consolidated Statement of Operations for FX Forward Contracts (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Designated | Cost of Sales
Derivative Instruments Gain Loss [Line Items]
Gains (loss) on foreign currency exchange contracts	$ 1.8	$ (1.5)	$ 5.2	$ (1.6)
Non-designated | Other expense - net
Derivative Instruments Gain Loss [Line Items]
Gains (loss) on foreign currency exchange contracts	$ (2.9)	$ 1.3	$ (5.2)	$ 2.0

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Inventories - Components of Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 173.6	$ 161.2
Work-in-process	160.6	141.3
Finished goods	393.2	309.4
Total inventories - net	$ 727.4	$ 611.9

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Notes Receivable - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Receivables [Abstract]
Notes receivable, current	$ 8.7	$ 10.6
Notes receivable, long term	$ 1.0	$ 2.0
Reserve for the remaining net value of the note			$ 4.8

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Property, Plant and Equipment - Components of property, plant and equipment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Total cost	$ 852.2	$ 822.6
Less accumulated depreciation	(510.3)	(487.3)
Property, plant and equipment — net	341.9	335.3
Land
Property, Plant and Equipment
Total cost	14.8	17.9
Building and Improvements
Property, Plant and Equipment
Total cost	197.7	194.7
Machinery, Equipment and Tooling
Property, Plant and Equipment
Total cost	308.1	300.6
Furniture and Fixtures
Property, Plant and Equipment
Total cost	13.9	13.8
Computer Hardware and Software
Property, Plant and Equipment
Total cost	133.2	129.4
Rental cranes
Property, Plant and Equipment
Total cost	176.2	157.8
Construction in Progress
Property, Plant and Equipment
Total cost	$ 8.3	$ 8.4

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Property, Plant and Equipment - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Other Current Assets
Property, Plant and Equipment
Assets held for sale	$ 2.9

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Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Goodwill [Line Items]
Amortization of intangible assets	$ 0.7	$ 0.8	$ 1.7	$ 1.6

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Goodwill and Other Intangible Assets - Changes in goodwill by reportable segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill
Balance at the beginning of the period	$ 80.1
Foreign currency impact	(1.1)
Balance at the end of the period	79.0
Middle East and Asia Pacific ("MEAP")
Goodwill
Balance at the beginning of the period	65.7
Foreign currency impact	(1.1)
Balance at the end of the period	64.6
Americas Distribution
Goodwill
Balance at the beginning of the period	14.4
Foreign currency impact	0.0
Balance at the end of the period	$ 14.4

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Goodwill and Other Intangible Assets - Schedule of Goodwill Balance by Reporting Unit (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Goodwill [Line Items]
Gross Amount	$ 327.7	$ 328.8
Accumulated Impairment Amount	(248.7)	(248.7)
Net Amount	79.0	80.1
Americas
Goodwill [Line Items]
Gross Amount	166.5	166.5
Accumulated Impairment Amount	(166.5)	(166.5)
Net Amount	0.0	0.0
Americas Distribution
Goodwill [Line Items]
Gross Amount	14.4	14.4
Accumulated Impairment Amount	0.0	0.0
Net Amount	14.4	14.4
EURAF
Goodwill [Line Items]
Gross Amount	82.2	82.2
Accumulated Impairment Amount	(82.2)	(82.2)
Net Amount	0.0	0.0
Middle East and Asia Pacific ("MEAP")
Goodwill [Line Items]
Gross Amount	64.6	65.7
Accumulated Impairment Amount	0.0	0.0
Net Amount	$ 64.6	$ 65.7

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Goodwill and Other Intangible Assets - Gross carrying amount, accumulated amortization and net book value of intangible assets other than goodwill (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Intangible asset balances by major asset class
Intangible assets, gross (excluding goodwill)	$ 168.6	$ 167.2
Finite-lived intangible assets, amortization amount	(42.4)	(40.5)
Intangible assets, book value	126.2	126.7
Indefinite-lived Intangible Assets
Intangible asset balances by major asset class
Intangible assets, gross (excluding goodwill)	106.1	105.0
Finite-lived intangible assets, amortization amount	0.0	0.0
Intangible assets, book value	106.1	105.0
Indefinite-lived Intangible Assets | Distribution Network
Intangible asset balances by major asset class
Indefinite-lived intangible assets, book value	14.1	14.0
Finite-lived intangible assets, amortization amount	0.0	0.0
Indefinite-lived Intangible Assets | Trademarks and Tradenames
Intangible asset balances by major asset class
Indefinite-lived intangible assets, book value	92.0	91.0
Finite-lived intangible assets, amortization amount	0.0	0.0
Finite-Lived Intangible Assets
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	62.5	62.2
Finite-lived intangible assets, amortization amount	(42.4)	(40.5)
Finite-lived intangible assets, book value	20.1	21.7
Finite-Lived Intangible Assets | Customer Relationships
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	26.5	26.5
Finite-lived intangible assets, amortization amount	(10.9)	(10.0)
Finite-lived intangible assets, book value	15.6	16.5
Finite-Lived Intangible Assets | Patents
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	29.0	28.7
Finite-lived intangible assets, amortization amount	(28.5)	(28.2)
Finite-lived intangible assets, book value	0.5	0.5
Finite-Lived Intangible Assets | Other Intangibles
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	0.6	0.6
Finite-lived intangible assets, amortization amount	(0.6)	(0.5)
Finite-lived intangible assets, book value	0.0	0.1
Finite-Lived Intangible Assets | Noncompetition Agreements
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	4.2	4.2
Finite-lived intangible assets, amortization amount	(1.6)	(1.2)
Finite-lived intangible assets, book value	2.6	3.0
Finite-Lived Intangible Assets | Trademarks and Tradenames
Intangible asset balances by major asset class
Finite-lived intangible assets, carrying amount	2.2	2.2
Finite-lived intangible assets, amortization amount	(0.8)	(0.6)
Finite-lived intangible assets, book value	$ 1.4	$ 1.6

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Accounts Payable and Accrued Expenses - Schedule of Accounts Payable and Accured Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Trade accounts payable	$ 297.8	$ 274.6
Employee-related expenses	48.4	51.0
Accrued vacation	26.3	22.4
Miscellaneous accrued expenses	119.9	98.4
Total accounts payable and accrued expenses	$ 492.4	$ 446.4

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Debt - Schedule of Outstanding Debt (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total debt	$ 387.4	$ 385.6
Deferred financing costs	(2.0)	(2.4)
Short-term borrowings and current portion of long-term debt	(6.7)	(6.1)
Long-term debt	380.7	379.5
ABL Revolving Credit Facility
Debt Instrument [Line Items]
Borrowings under senior secured asset based revolving credit facility	82.0	80.0
Senior Secured Second Lien Notes Due 2026
Debt Instrument [Line Items]
Total debt	300.0	300.0
Other Debt
Debt Instrument [Line Items]
Total debt	$ 7.4	$ 8.0

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Debt - Narrative (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 25, 2019	Jun. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Carrying amount		$ 387.4	$ 385.6
Period for which the entity will be able to comply with the financial covenants		12 months
Senior Secured Second Lien Notes Due 2026
Debt Instrument [Line Items]
Face amount of debt	$ 300.0
Debt instrument interest rate	9.00%	9.00%
Interest on the notes	Interest on the 2026 Notes is payable in cash semi-annually in arrears on April 1 and October 1 of each year.
ABL Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 275.0
Line of credit outstanding		$ 82.0	80.0
Excess capacity		189.8
Line of credit borrowing capacity		$ 275.0
ABL Revolving Credit Facility | SOFR Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.25%
ABL Revolving Credit Facility | Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.25%
ABL Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	75.0
Line of credit outstanding		$ 3.2
ABL Revolving Credit Facility | Letter of Credit | German Borrowers
Debt Instrument [Line Items]
Maximum borrowing capacity under revolving credit facility	$ 10.0
Other Debt
Debt Instrument [Line Items]
Carrying amount		$ 7.4	$ 8.0
Weighted average interest rate (as a percent)		4.10%

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Debt - Schedule of Revolving Credit Facility Bear Interest at Variable Rate Based Upon Average Quarterly Availability (Details) - ABL Revolving Credit Facility	6 Months Ended
	Jun. 30, 2023
SOFR Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Greater Than or Equal to 50% of Aggregate Commitment | Alternative Base Rate Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.25%
Greater Than or Equal to 50% of Aggregate Commitment | SOFR Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Less Than 50% of Aggregate Commitment | Alternative Base Rate Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.50%
Less Than 50% of Aggregate Commitment | SOFR Spread
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%

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Accounts Receivable Factoring - Narrative (Details) € in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 EUR (€)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Transfers and Servicing [Abstract]
Proceeds from factoring of accounts receivable	$ 41.3	$ 58.4		$ 82.7	$ 104.0
Non U S maximum availability under these programs | €			€ 0
Maximum availability under these programs				$ 27.0

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Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Benefit for income tax	$ 5.2	$ 7.1	$ 1.0	$ 0.6
Discrete net tax benefit	13.5	11.0
Valuation allowance against tax assets	13.9		13.9
Unrecognized tax benefits	$ 9.2		$ 9.2		$ 9.1
Uncertain tax position		12.1
Interest on uncertain tax position		$ 1.2

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Net Income Per Share - Reconciliation of the weighted average common shares outstanding used to compute basic and diluted net income (loss) per common share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Basic weighted average common shares outstanding (in shares)	35,084,580	35,283,969	35,102,924	35,208,349
Effect of dilutive securities - equity compensation awards	565,563	266,973	664,028	356,533
Diluted weighted average common shares outstanding (in shares)	35,650,143	35,550,942	35,766,952	35,564,882

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Net Income Per Common Share - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Number of anti-dilutive shares excluded from diluted weighted average common shares outstanding	440,355	1,087,078	479,723	950,392
Dividends	$ 0	$ 0	$ 0	$ 0

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Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class Of Stock [Line Items]
Common stock, shares authorized (in shares)	75,000,000	75,000,000		75,000,000
Par value of common stock (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,500,000	3,500,000		3,500,000
Par value of preferred stock per share (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Preferred stock, shares issued (in shares)	0	0
Non-cash foreign currency translation adjustments	$ (9.3)	$ (9.3)	$ 0.0
Common stock repurchased	129,138	320,984
Common Stock
Class Of Stock [Line Items]
Stock repurchase program authorized amount	$ 2.0	$ 5.5
Stock repurchase program, remaining authorized amount	2.1	2.1
Maximum | Common Stock
Class Of Stock [Line Items]
Stock repurchase program, authorized amount	$ 30.0	$ 30.0

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Equity - Reconciliation of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Increase (Decrease) in Equity [Roll Forward]
Beginning balance			$ 537.8
Total other comprehensive income (loss), net of income tax	$ 6.1	$ (22.4)	6.0	$ (28.7)
Ending balance	579.4		579.4
Gains and Losses on Cash Flow Hedges
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	2.1	(0.2)	5.4	0.0
Other comprehensive loss before reclassifications	(0.7)	(3.6)	(0.6)	(3.9)
Amounts reclassified from accumulated other comprehensive loss	(1.8)	1.5	(5.2)	1.6
Total other comprehensive income (loss), net of income tax	(2.5)	(2.1)	(5.8)	(2.3)
Ending balance	(0.4)	(2.3)	(0.4)	(2.3)
Pension & Postretirement
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(16.3)	(32.9)	(15.3)	(32.3)
Other comprehensive loss before reclassifications	(1.6)	(0.1)	(3.3)	(1.2)
Amounts reclassified from accumulated other comprehensive loss	0.7	0.3	1.4	0.8
Total other comprehensive income (loss), net of income tax	(0.9)	0.2	(1.9)	(0.4)
Ending balance	(17.2)	(32.7)	(17.2)	(32.7)
Foreign Currency Translation
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(93.8)	(75.6)	(98.0)	(70.1)
Other comprehensive loss before reclassifications	0.2	(20.5)	4.4	(26.0)
Amounts reclassified from accumulated other comprehensive loss	9.3	0.0	9.3	0.0
Total other comprehensive income (loss), net of income tax	9.5	(20.5)	13.7	(26.0)
Ending balance	(84.3)	(96.1)	(84.3)	(96.1)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Equity [Roll Forward]
Beginning balance	(108.0)	(108.7)	(107.9)	(102.4)
Other comprehensive loss before reclassifications	(2.1)	(24.2)	0.5	(31.1)
Amounts reclassified from accumulated other comprehensive loss	8.2	1.8	5.5	2.4
Total other comprehensive income (loss), net of income tax	6.1	(22.4)	6.0	(28.7)
Ending balance	$ (101.9)	$ (131.1)	$ (101.9)	$ (131.1)

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Equity - Reconciliation of Reclassifications From Accumulated Other Comprehensive Loss, Net of Income Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Cost of sales	$ 479.8	$ 408.5	$ 881.8	$ 782.5
Total before income taxes	15.0	8.0	35.7	17.6
Provision for income taxes	(5.2)	(7.1)	(1.0)	(0.6)
Net income	20.2	15.1	36.7	18.2
Other expense - net	(10.0)	(2.1)	(11.1)	(2.3)
Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Net income	(8.2)	(1.8)	(5.5)	(2.4)
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Total before income taxes	1.8	(1.5)	5.2	(1.6)
Provision for income taxes	0.0	0.0	0.0	0.0
Net income	1.8	(1.5)	5.2	(1.6)
Gains and Losses on Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income | Foreign Currency Exchange Contracts
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Cost of sales	1.8	(1.5)	5.2	(1.6)
Actuarial Losses | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Other expense - net	(0.7)	(0.7)	(1.4)	(1.5)
Amortization of Prior Service Cost | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Other expense - net	0.0	0.4	0.0	0.7
Pension & Postretirement | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Total before income taxes	(0.7)	(0.3)	(1.4)	(0.8)
Provision for income taxes	0.0	0.0	0.0	0.0
Net income	(0.7)	(0.3)	(1.4)	(0.8)
Foreign currency translation | Reclassification out of Accumulated Other Comprehensive Income
Schedule of Reclassifications out of Accumulated Comprehensive Income (Loss) [Line Items]
Losses on foreign currency translation	(9.3)	0.0	(9.3)	0.0
Total before income taxes	(9.3)	0.0	(9.3)	0.0
Provision for income taxes	0.0	0.0	0.0	0.0
Net income	$ (9.3)	$ 0.0	$ (9.3)	$ 0.0

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Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-Based Compensation
Share-based compensation, remaining shares available for issuance (in shares)	3,290,968		3,290,968
Engineering, Selling and Administrative Expense
Stock-Based Compensation
Stock-based compensation expense (in dollars)	$ 2.3	$ 0.9	$ 5.4	$ 4.0
Restricted Stock Units
Stock-Based Compensation
Granted (in shares)	22,591	20,929	500,283	399,552
Restricted Stock Units | Director
Stock-Based Compensation
Director Awards			77,576	56,640
Performance Shares
Stock-Based Compensation
Granted (in shares)	0	0	316,022	198,334
2013 Omnibus Plan
Stock-Based Compensation
Share-based compensation, shares authorized (in shares)	7,477,395		7,477,395
Performance Shares 2023 | Performance Shares
Stock-Based Compensation
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)			60.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)			40.00%
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group			20.00%
Performance period (in years)			3 years
Percentage of shares of other than options granted during the period			200.00%
Performance Shares 2022 | Performance Shares
Stock-Based Compensation
Percentage of shares paid based on total shareholder return relative to peer group (as a percent)				60.00%
Percentage of shares paid based on adjusted EBITDA (as a percent)				40.00%
Increase decrease in percentage of shares paid based on total shareholder return relative to defined peer group				20.00%
Performance period (in years)				3 years
Percentage of shares of other than options granted during the period				200.00%

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Segments - Narrative (Details)	6 Months Ended
	Jun. 30, 2023 Segment
Segment Reporting [Abstract]
Number of reportable segments	3

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Segments - Schedule of Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 602.8	$ 497.2	$ 1,111.1	$ 956.2
Operating (loss) income	34.4	18.3	64.6	35.9
Depreciation	14.2	15.6	28.1	31.7
Capital Expenditures	27.0	8.1	36.3	16.8
Operating Segments
Segment Reporting Information [Line Items]
Operating (loss) income	55.0	27.0	95.7	57.3
Operating Segments | Americas
Segment Reporting Information [Line Items]
Net sales	319.4	226.2	583.8	442.1
Operating (loss) income	29.6	18.4	58.1	24.2
Depreciation	7.4	9.3	14.6	19.0
Capital Expenditures	19.0	2.6	23.4	5.2
Operating Segments | EURAF
Segment Reporting Information [Line Items]
Net sales	185.8	209.0	364.0	388.2
Operating (loss) income	6.4	0.6	10.0	12.0
Depreciation	5.4	4.9	10.8	10.0
Capital Expenditures	7.2	4.8	11.9	10.4
Operating Segments | Middle East and Asia Pacific ("MEAP")
Segment Reporting Information [Line Items]
Net sales	97.6	62.0	163.3	125.9
Operating (loss) income	19.0	8.0	27.6	21.1
Depreciation	0.6	0.7	1.2	1.3
Capital Expenditures	0.8	0.7	1.0	1.2
Corporate
Segment Reporting Information [Line Items]
Operating (loss) income	(20.6)	(8.7)	(31.0)	(21.4)
Depreciation	$ 0.8	$ 0.7	$ 1.5	$ 1.4

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Segments - Schedule of Reconciliation of the Company's Segment Operating Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income	$ 34.4	$ 18.3	$ 64.6	$ 35.9
Unallocated restructuring expense	0.3	0.3	0.3	0.4
Operating Segments
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income	55.0	27.0	95.7	57.3
Corporate
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income	(20.6)	(8.7)	(31.0)	(21.4)
Material Reconciling Items
Segment Reporting Reconciling Item For Operating Profit Loss From Segment To Consolidated [Line Items]
Total operating income	34.4	18.3	64.6	35.9
Unallocated restructuring expense	$ 0.0	$ 0.0	$ (0.1)	$ 0.0

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Segments - Schedule of Net Sales by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues from External Customers [Line Items]
Net sales	$ 602.8	$ 497.2	$ 1,111.1	$ 956.2
United States
Revenues from External Customers [Line Items]
Net sales	270.9	199.1	484.7	391.2
Europe
Revenues from External Customers [Line Items]
Net sales	178.0	200.9	352.4	375.1
Other
Revenues from External Customers [Line Items]
Net sales	$ 153.9	$ 97.2	$ 274.0	$ 189.9

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Segments - Schedule of Net Sales By Product (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Product Information [Line Items]
Total net sales	$ 602.8	$ 497.2	$ 1,111.1	$ 956.2
New Machine Sales [Member]
Product Information [Line Items]
Total net sales	452.4	358.1	808.9	687.7
Non-new Machine Sales [Member]
Product Information [Line Items]
Total net sales	$ 150.4	$ 139.1	$ 302.2	$ 268.5

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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Commitments And Contingencies [Line Items]
Period over which product liability self-insurance retention levels have fluctuated (in years)		10 years
Product liability reserves - Current	$ 7.7	$ 7.7	$ 9.4
Product liability reserves - Non-Current	6.1	6.1	0.0
Estimated insurance recoveries	0.8	0.8	0.0
Warranty claims reserves	53.7	53.7	58.0
Commitment expense	10.8	10.8
Commitment liability	25.7	25.7	$ 14.9
Statutory maximum penalties		174.0
Maximum
Commitments And Contingencies [Line Items]
Product liability self-insurance maximum retention level for new occurrence	$ 3.0	$ 3.0

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Guarantees - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Product Warranty Liability [Line Items]
Revenue deferred related to buyback obligations included in other current and non-current liabilities	$ 25.4	$ 27.3
Amount of residual value buyback commitments and given by the company	41.4	42.5
Amount of loss guarantees with maximum liabilities	11.8	15.0
Revenue deferred related to extended warranties included in other current and non-current liabilities	$ 7.0	6.6
Standard product warranties, low end of range (in months)	12 months
Standard product warranties, high end of range (in months)	60 months
Other Noncurrent Liabilities
Product Warranty Liability [Line Items]
Revenue deferred related to extended warranties included in other current and non-current liabilities	$ 9.9	$ 9.2

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Guarantees - Summary of Warranty Activity (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Warranty activity
Balance at beginning of period	$ 56.4	$ 59.4	$ 58.0	$ 60.2
Adjustments to accruals for warranties	4.4	5.9	11.0	11.8
Settlements made (in cash or in kind) during the period	(7.1)	(6.7)	(15.6)	(12.8)
Currency translation	0.0	(1.4)	0.3	(2.0)
Balance at end of period	$ 53.7	$ 57.2	$ 53.7	$ 57.2

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Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restructuring and Related Activities [Abstract]
Restructuring expense	$ 0.3	$ 0.3	$ 0.3	$ 0.4

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Restructuring - Rollforward of all restructuring accrual (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Rollforward of all restructuring accrual
Restructuring expense	$ 0.3	$ 0.3	$ 0.3	$ 0.4

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Employee Benefit Plans - Schedule of Components of Period Benefit Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension Plans | United States
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	$ 0.0	$ 0.0	$ 0.0	$ 0.0
Interest cost of projected benefit obligations	1.4	0.8	2.8	1.6
Expected return on plan assets	(0.9)	(1.3)	(1.9)	(2.6)
Amortization of prior service cost	0.0	0.0	0.0	0.0
Amortization of actuarial net (gain) loss	0.6	0.5	1.2	1.0
Net periodic benefit cost	1.1	0.0	2.1	0.0
Pension Plans | Non-U.S. Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	0.3	0.5	0.6	0.9
Interest cost of projected benefit obligations	0.6	0.3	1.3	0.7
Expected return on plan assets	(0.4)	(0.3)	(0.8)	(0.6)
Amortization of prior service cost	0.0	0.0	0.0	0.0
Amortization of actuarial net (gain) loss	0.4	0.4	0.8	0.8
Net periodic benefit cost	0.9	0.9	1.9	1.8
Postretirement Health and Other Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost - benefits earned during the period	0.0	0.1	0.0	0.1
Interest cost of projected benefit obligations	0.1	0.1	0.2	0.1
Expected return on plan assets	0.0	0.0	0.0	0.0
Amortization of prior service cost	0.0	(0.4)	0.0	(0.7)
Amortization of actuarial net (gain) loss	(0.3)	(0.2)	(0.6)	(0.3)
Net periodic benefit cost	$ (0.2)	$ (0.4)	$ (0.4)	$ (0.8)